How Long to Pay Off a $500 Credit Card
Payoff time and total interest at a 22% APR by monthly payment.
Payoff by Monthly Payment (at 22% APR)
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| $50/mo | 1 yr (12 mo) | $57 |
| $100/mo | 6 mos (6 mo) | $29 |
| $150/mo | 4 mos (4 mo) | $21 |
| $200/mo | 3 mos (3 mo) | $17 |
| $300/mo | 2 mos (2 mo) | $13 |
| Minimum only (2%) | 2 yrs 2 mos (26 mo) | $129 |
Higher payments clear the balance faster and cut total interest. The minimum-payment row shrinks each month, which is why it takes so long.
The Minimum-Payment Trap
Paying only the minimum (about 2% of the balance, which falls as you pay down) would take 2 yrs 2 mos and cost about $129 in interest on this $500 balance. Paying a fixed amount each month instead is dramatically faster and cheaper.
Last reviewed: November 2026
Data sources: Standard monthly-compounding credit card interest; Representative 22% APR (near the US average).
Disclaimer: Estimates use a fixed 22% APR and monthly compounding. Your card's APR, fees and minimum-payment formula may differ. Not financial advice.