Credit Card Payoff Calculator
Find out exactly how long it'll take to clear your credit card balance and how much you'll pay in interest. Enter your balance, APR, and the monthly payment you can manage — we'll work out the rest.
How is this calculated?
We simulate your card month-by-month: each month adds interest at APR ÷ 12 to the balance, then subtracts your payment. We loop until the balance hits zero (or 600 months, whichever comes first). If your monthly payment doesn’t cover the monthly interest, the calculator flags that the balance will never reduce at this payment level.
Frequently Asked Questions
Why are Irish credit card APRs so high?
Credit cards are unsecured short-term credit, so lenders charge a higher rate to cover the risk. Irish credit card APRs typically sit between 17% and 25% in 2026 — far higher than mortgages (~4%) or personal loans (~8%). This is why carrying a balance month-to-month is one of the most expensive ways to borrow.
What's the smartest way to clear credit card debt?
Highest-APR-first (the avalanche method) saves the most interest mathematically. Smallest-balance-first (the snowball method) gives faster psychological wins but costs more in interest. Either way: pay more than the minimum, stop using the card, and consider transferring the balance to a cheaper personal loan if your credit allows.
What happens if I only pay the minimum?
Minimum payments on most Irish cards are 2.5%–5% of the balance, scaled monthly. At 22% APR, paying only the minimum on a €3,000 balance can take 20+ years and more than triple the original debt in interest. Always pay more than the minimum if you can.
Is balance-transferring a good idea?
Yes, if you can find a card with a 0% promotional rate that lasts long enough to clear the debt. Read the terms carefully: most charge a transfer fee (1.5%–4%), and after the promotional period the rate jumps back to the standard APR. Don't add new spending to the transferred card.
Will paying off my card boost my credit rating?
Yes — Irish credit reports record your repayment history with the Central Credit Register. Consistently paying down balances and never missing a minimum improves your credit score over time, which helps when applying for future loans, mortgages, or even rental tenancies.
Last updated: May 2026 · Rates sourced from Revenue