Credit Card Repayment Table

How long will it take to pay off your credit card?


It could take a very long time to pay off your credit card if you only pay the minimum amount on your monthly credit card bill. Also, you'll end up paying more because of accumulating interest charges.

The minimum payment is the minimum amount you can pay to keep the account from going into default and incurring fees and penalties. Most card issuers require a minimum payment of 2% of the outstanding balance or $10, whichever is higher** .

The following charts demonstrate how much faster you can pay of your credit card when you increase your minimum payment to 10% of the monthly balance instead of the typical 2%.

As you can see, you can pay off your credit card bill more quickly, and save money in interest charges, if you pay more than the minimum each month.

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Balance $1000 $2000 $3000 $4000 $5000
Interest Rate Years to Pay off if only paying a 2% minimum monthly payment1
10% 10.4 15.3 18.3 20.3 21.8
11% 11.0 16.3 19.4 21.6 23.3
12% 11.7 17.4 20.8 23.2 25.0
13% 12.4 18.7 22.3 24.9 26.9
14% 13.3 20.2 24.3 27.1 29.3
15% 14.3 22.0 26.5 29.7 32.2
16% 15.6 24.3 29.3 32.9 35.7
17% 17.3 27.1 32.9 37.0 40.2
18% 19.3 30.9 37.6 42.4 46.1
19% 22.3 36.1 44.2 * *
20% 26.4 43.7 * * *
21% 33.2 * * * *
22% 46.1 * * * *
23% * * * * *
24% * * * * *
25% * * * * *
26% * * * * *
27% * * * * *
28% * * * * *

 

Balance $1000 $2000 $3000 $4000 $5000
Interest Rate Years to Pay off if only paying a 10% minimum monthly payment1
10% 3.0 3.6 3.9 4.2 4.3
11% 3.0 3.6 3.9 4.2 4.4
12% 3.0 3.6 4.0 4.3 4.4
13% 3.0 3.7 4.0 4.3 4.5
14% 3.1 3.7 4.0 4.3 4.5
15% 3.1 3.7 4.1 4.3 4.5
16% 3.1 3.8 4.1 4.3 4.6
17% 3.1 3.8 4.2 4.4 4.6
18% 3.2 3.8 4.2 4.4 4.7
19% 3.2 3.8 4.2 4.5 4.7
20% 3.2 3.8 4.3 4.5 4.8
21% 3.3 3.9 4.3 4.6 4.8
22% 3.3 3.9 4.3 4.6 4.8
23% 3.3 3.9 4.3 4.7 4.8
24% 3.3 4.0 4.4 4.7 4.9
25% 3.3 4.0 4.4 4.8 4.9
26% 3.3 4.1 4.5 4.8 5.0
27% 3.4 4.1 4.5 4.8 5.1
28% 3.4 4.2 4.6 4.8 5.1

1 $10 minimum payment in effect if 2% of balance drops below $10. A $1 minimum finance charge in effect if finance charge calculates below $1.

* Not in this lifetime! At these rates, payment exceeds 50 years and in many cases, interest eventually becomes greater than the minimum payment.


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