Answer
How long will it take to pay off my credit card?
At 22% APR, a $5,000 balance takes 34 months to pay off at $200 a month, costing $1,750 in interest. Paying more each month cuts both the time and the interest sharply.
Open the debt payoff calculator
Payoff chart at 22% APR
| Balance | $100/mo | $200/mo | $300/mo | $500/mo |
|---|---|---|---|---|
| $1,000 | 12 mo ($115) | 6 mo ($59) | 4 mo ($42) | 3 mo ($28) |
| $2,500 | 34 mo ($875) | 15 mo ($366) | 10 mo ($238) | 6 mo ($147) |
| $5,000 | 137 mo ($8,678) | 34 mo ($1,750) | 21 mo ($1,022) | 12 mo ($574) |
| $10,000 | never | 137 mo ($17,356) | 52 mo ($5,596) | 26 mo ($2,571) |
Why minimum payments take so long
Most of a small payment goes to interest. At 22% APR, a $5,000 balance builds about $92 of interest a month, so a $100 payment barely moves it.
More questions
What payment pays it off in 2 years?
About $259 a month for $5,000 at 22% APR.
Would a 0% balance transfer help?
It can, if you pay it off before the promotional rate ends and the transfer fee is lower than the interest you’d save.
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