How Long Will It Take to Pay Off My Credit Card?

Enter your balance, APR and what you can pay each month to see your payoff date and the total interest.

Quick answer

How long a credit card takes to pay off depends on the balance, APR and payment. A $7,500 balance at 24.99% APR paid at $250 a month takes 48 months and costs about $4,389 in interest. Raising the payment to $350 cuts that to 29 months and about $2,537 of interest.

$
%
$
Time to pay off
4 yrs
Total interest
$4,389
Total paid
$11,889
First-month interest
$156.19
Paying $250 a month on a $7,500 balance at 24.99% APR clears the card in 4 yrs. You will pay $4,389 in interest along the way. Every extra dollar you add shortens the payoff and saves interest.

Inputs are pre-filled with the example used on this page — change any number to see your own result. Built on our credit card payoff calculator.

Key takeaways

  • At 24.99% APR, a $7,500 balance generates about $156 of interest in the first month alone.
  • Paying $100 more a month saves about $1,852 and 19 months in this example.
  • If your payment does not exceed the monthly interest, the balance will never be paid off.
APR — Annual percentage rate — the yearly interest rate on a card balance. Monthly interest is roughly APR ÷ 12 times the balance.

How the payoff time is worked out

Each month interest is added (APR ÷ 12 × balance) and your payment is subtracted. Early on, a big share of the payment is interest; as the balance falls, more of each payment reduces principal. That is why small increases in payment have a large effect on the payoff date.

$250 vs $350 a month

For the $7,500 balance at 24.99%:

  • $250 a month: 48 months, $4,389 interest, $11,889 paid in total.
  • $350 a month: 29 months, $2,537 interest, $10,037 paid in total.

The higher payment saves $1,852 and makes you debt-free a year and a half sooner.

Check your statement's minimum payment warning

Under the Credit CARD Act, card statements must show how long it would take to pay off the balance making only minimum payments, and the total cost. Compare that with the fixed payment you enter here. If you have more than one card, use the multiple credit card payoff calculator.

Worked example

First-month interest = $7,500 × 24.99% ÷ 12 = $156.19, so $93.81 of the first $250 payment reduces the balance. Repeating this each month, the balance reaches zero in 48 months with $4,389 total interest.

Methodology and sources

The balance is simulated month by month with interest of APR ÷ 12 on the current balance and a fixed payment. Card issuers calculate interest on the average daily balance and may charge fees, so treat the result as a close estimate. No new purchases are assumed.

Sources: CFPB – Credit cards

Frequently asked questions

How can I pay off my credit card faster?

Pay more than the minimum, ask for a lower APR, or move the balance to a 0% transfer card if the fee is worth it. Stop new charges on the card.

Why does my balance barely go down?

At high APRs much of each payment covers interest. At 24.99%, a $7,500 balance accrues about $156 of interest in a month.

Does paying twice a month help?

Slightly, because interest is charged on the average daily balance and paying earlier lowers it. The bigger lever is the total amount you pay.

Will paying off my card raise my credit score?

Lower balances reduce credit utilization, an important scoring factor, so scores often improve as balances fall.

Results are estimates for educational purposes and are not financial advice.

Written and reviewed by Muhammad Asif, founder of CalcPane · Formulas verified by automated tests · Updated