When will my credit card be paid off?
Put in your balance and rate. You'll see when the card is paid off on the minimum, and how much sooner it's gone if you keep paying this month's amount.
Starts at this month's minimum. Keep it the same every month.
Your card's minimum payment rule
Your statement's fine print shows which one your card uses.
August 2031
57 months · $3,102 in interest
Keep paying $143.41 every month and you're done in 57 months, paying $3,102 in interest. On the minimum, it's 182 months and $7,413. That's $4,311 less interest, about 10 years sooner.
Show the math
$143 minimum = $92 interest + $51 off your debt
Same $143 every month → 57 months, not 182
$3,102 interest instead of $7,413
The card adds 22% ÷ 365 to the balance every day. Over the first month on $5,000, that's $92.48. The minimum is 1% of the new balance plus that interest, never less than $40, so it shrinks as the balance shrinks and stretches the debt out. A payment that stays the same sends everything above the interest straight at the balance, which cuts next month's interest too. This assumes no new purchases; your bank's exact day counts will move it a little.
An estimate for education, not advice.
How this works
Your card's minimum payment is mostly that month's interest plus about 1% of the balance. As the balance shrinks, the minimum shrinks with it, so you're always paying a little more than the interest and never much more. That's why the minimum takes so long.
Freeze the payment instead, keep sending this month's minimum every month, and every dollar the minimum would have dropped goes to the balance. On $5,000 at 22%, the same first payment finishes in 57 months instead of 182, and saves about $4,311 in interest.
The answer uses a common minimum rule (1% of the balance plus that month's interest, at least $40). Your card's rule is on your statement; you can switch rules under the settings. Interest is calculated monthly at your APR, so your real statements will be a little different.
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