Paying off a credit card, and the three-year payment.
How long a monthly payment takes to clear a card, the interest it costs, why the minimum can take decades, and the payment that clears it in three years.
By Suraj Kumar3 min read
Card interest is high, so the payment you choose decides how long it lasts. Here is how to see it.
A fixed payment.
$5,000 at 24% a year with $200 a month takes 36 months; the page says the interest it costs.
The minimum.
A minimum that falls with the balance can take decades and cost more than the balance itself; leave the payment at 0 to see it, with the minimum taken as 1% or a floor. Issuers' own minimums differ.
The three-year payment.
US statements show the payment that clears the balance in 36 months beside the minimum; the page gives it too.
Further reading
Topics: credit card payoff calculator · pay off credit card · credit card interest · minimum payment · debt payoff
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