Credit Card Payoff Calculator
Enter your balance, card APR and minimum payment method to see your total interest cost and how long it will take to clear the debt. Add an optional extra monthly payment to see how much sooner and cheaper you could be done.
Pay your full statement balance by the due date and you’ll never pay interest.
How this calculator works
Credit cards in Sri Lanka operate under a regulatory framework set by the Central Bank of Sri Lanka's Credit Card Guidelines, but the specific terms, your grace period length, minimum payment percentage and interest rate, are set individually by each card issuer. If you pay your full statement balance by the due date each month, most banks apply an interest-free grace period, so you pay zero interest. The moment you pay less than the full balance, that grace period is voided and interest begins accruing. Your minimum payment also isn’t fixed: banks typically calculate it as a percentage of your current balance (a common example is 5% of the outstanding balance), so as your balance falls, so does your required payment. This is exactly why minimum payments alone can take years to clear a balance.
Good to know
This calculator assumes interest begins accruing on your full balance from the point you make a partial payment, since exact interest depends on individual transaction dates which this tool doesn’t have access to. Minimum payment percentages, grace period length, and exact terms vary by bank and card type, so always check your card’s terms and conditions or your monthly statement for your exact figures. This tool is for planning purposes only and is not financial advice.