$
%
The purchase rate on your statement
$
This month’s minimum: $143.17
More options
At least $25, unless the balance is less
Debt-free in
2 years 10 months
Paying $200 a month on $5,000 at 22.36%
- Total interest
- $1,793
- Paying only the minimum
- 19 years 3 months
- Balance$5,000
- Interest$1,793
What this means
Paying only the minimum would take 19 years 3 months. Everything you pay above the minimum goes straight off the balance, which is why paying more clears it so much faster.
Card interest is usually the most expensive debt you can have, so it’s worth clearing before saving beyond an emergency fund.
Your plan against the minimum
| Your plan | Minimum only | |
|---|---|---|
| First payment | $200.00 | $143.17 |
| Time to clear | 2 years 10 months | 19 years 3 months |
| Total interest | $1,793 | $8,241 |
| Total paid | $6,793 | $13,241 |
Paying $200 a month saves $6,448 in interest against the minimum.
To be debt-free sooner
| Clear it in | Pay a month | Interest |
|---|---|---|
| 1 year | $468.84 | $626 |
| 2 years | $260.28 | $1,247 |
| 3 years | $191.88 | $1,908 |
| 5 years | $139.12 | $3,347 |
0% balance transfer cards often give 15 to 21 months without interest, for a fee of 3% to 5% of the amount moved.
Assumptions in this estimate
- Interest is added monthly at one-twelfth of the yearly rate. Card providers usually work it out daily, so your statements may differ slightly.
- Assumes you don’t spend anything new on the card, the rate stays the same, and there are no fees or late charges.
- The minimum payment is 1% of the balance plus interest, or $25 if that’s more, so it falls as the balance falls.
- Many cards ask for 1% of the balance plus interest, or $25 if that’s more. Your statement must show how long paying only the minimum would take.
- Credit cards that charged interest averaged 22.36% in August 2026 (Federal Reserve).