WiseIQ Editorial Team
Reviewed by certified financial experts · Updated March 2026
See exactly when you'll be debt-free, how much interest you'll pay, and how much you could save with a 0% APR balance transfer card.
See exactly when you'll be debt-free, how much interest you'll pay, and how much you could save with a 0% APR balance transfer card.
Enter your balance and APR to see your payoff plan.
Enter your current credit card balance, the annual interest rate (APR) listed on your statement, and either your planned monthly payment or the number of months you want to be debt-free. The calculator shows your exact payoff timeline, total interest cost, and how much of each payment goes toward principal versus interest.
If you only make the minimum payment on a $5,000 balance at 22.99% APR, it will take over 17 years to pay off and cost more than $7,000 in interest. Increasing your payment by even $50/month can cut years off your timeline.
A 0% APR balance transfer card lets you move your existing credit card balance to a new card that charges no interest for an introductory period — typically 12 to 21 months. Every dollar you pay during that period goes directly toward reducing your balance, not paying interest.
A balance transfer is most effective when your total interest cost is significant, when you can realistically pay off the balance within the 0% intro period, and when you qualify for a card with a low or no balance transfer fee. Most cards charge a 3–5% transfer fee, so factor that into your savings calculation.
Based on our analysis of thousands of consumer financial profiles, the most common mistake people make is focusing solely on the interest rate without considering total loan cost, fees, and repayment flexibility. Always compare the APR — not just the rate — and read the fine print on prepayment penalties before signing.
WiseIQ's editorial team researches and fact-checks all content using primary sources. Our recommendations are based on independent analysis and are not influenced by advertiser relationships.
Last reviewed: April 2026 | How we rank products