Example: $5,000 at 22% APR
- Paying $125 a month takes about 6 years and costs around $4,100 in interest.
- Paying $200 a month takes 34 months and costs about $1,750 in interest.
- To be debt-free in 3 years, you need to pay about $191 a month.
A modest increase in the monthly payment has a huge effect, because more of every dollar goes to the balance instead of interest.
Strategies to pay off credit cards faster
- Stop new charges on the card you are paying down. Switch to debit or cash for a while.
- Pay more than the minimum, and pay a fixed amount even as the minimum drops.
- Ask for a lower rate. A call to your card issuer, especially with a good payment history, sometimes works.
- Consider a 0% balance transfer if you can repay within the promotional period.
- Several cards? Use the debt payoff calculator to compare the snowball and avalanche methods.
Last reviewed October 2026.
Frequently asked questions
How long will it take to pay off my credit card?
Enter your balance, APR and the amount you can pay each month. The calculator shows how many months it takes and how much interest you pay, assuming you stop adding new charges.
Why does paying the minimum take so long?
Minimum payments are often just interest plus about 1% of the balance, so most of each payment covers interest. As the balance falls, the minimum falls too, which can stretch repayment out for many years.
How much do I need to pay to be debt-free by a certain date?
Switch to "Pay off by a date" and enter the number of months. The calculator works out the fixed monthly payment that clears the balance in that time.
Will a balance transfer help?
A 0% balance transfer can save a lot of interest if you can pay the balance off during the promotional period. Watch for a transfer fee (often 3% to 5%) and the rate after the promotion ends. Try entering 0% to see the difference.
How is credit card interest calculated?
Card issuers usually charge interest daily on your average daily balance at APR ÷ 365. This calculator uses the common monthly approximation of APR ÷ 12, which gives very close results for planning.