Do you have a credit card that’s been haunting you with large interest rates and monthly payments? Do you feel like it’s impossible to get ahead because of the financial obligation of the card? The good news is that it doesn’t have to be this way. In this article, we’ll show you how to pay off a credit card.

How to pay off a credit card

1) Monthly payments and interest

One of the simplest ways to get rid of debt is to pay a minimum monthly payment each month. This means taking out a balance transfer card and getting a zero or low teaser rate. You’ll have to put your money on the card initially, but in a short period, you’ll start paying less and eventually won’t have any balance left to save.

Pay off a credit card photo by: Olya Kobruseva/Pexels

2) Pay off the balance in full

Another way is to make only one lump sum payment on your credit card every month that you can afford. If you’re able to pay the minimum monthly payment on a balance of $500, for example, you can make a payment of $50 to have the debt paid off in a year (which will save you interest).

3) Break up the loan and pay off the card at different times

The last way is to break the loan up and make payments on both parts at different times. For example, if your car loan needs to be repaid in 2 years, but your credit card needs to be paid off by the end of the month, you can pay off the car first and then pay off a credit card.

pay off a credit card
Pay off a credit card photo by: Anete/Pexels

Impact of paying off a credit card on credit score

1) Don’t miss payments and keep your account in good standing.

Your credit card payment is considered on time if it comes out of your account each month. If you don’t pay the required amount, then it will show on your report as of late one or unpaid. Missing a payment can also affect the score since it shows that you aren’t applying yourself to paying the bill each month.

2) If you are late, pay the whole amount.

If you do miss a payment, the best course of action is to pay the whole amount as soon as possible. Late payments can hurt your score more than others, so you’ll want to make sure that you pay it off as fast as possible.

pay off a credit card
Pay off a credit card photo by: Karolina Grabowska/Pexels

3) Pay in full rather than make regular payments if possible.

The most important thing is to make sure that you’re paying in full and that your accounts are in good standing. The interest that you pay will be subtracted from what you’re able to borrow in the future and will show that you’re trying to pay your debts. It’s also a good idea to consolidate your credit cards into one large loan or credit card since it will make it easier for you to pay off the balance if you miss a payment on one of them.

4) Don’t close individual accounts.

If possible, don’t close your credit card. Keeping your cards open will help build your credit score. If you do close the account, you’ll want to make sure that you can pay off the remaining balance before doing so and keep an eye on that card so that it doesn’t show as closed on your report.

5) Pay off credit cards for yourself

If you have the money, then it is best to pay off all of your existing credit cards yourself and keep them active. This helps your score remain at a high level, keeps you from paying too much interest, and helps you keep up with payments. It also shows that you’re responsible with money and don’t just be another person who borrows to spend.

pay off a credit card
Pay off a credit card photo by: Mikhail Nilov/Pexels

6) Making minimum payments on bad debt can also help your score.

If you don’t want to pay off a credit card, then make sure that you’re paying the minimum on a monthly basis and close it if you can’t pay it off. If your credit card balance is $10,000 and you make only the minimum payment each month, then the balance will take 17 years to be paid off. If you make only one payment per month of $200 for 17 years, then your score will improve by over 400 points.


The method that works best for you depends on factors such as the amount of debt and how easily available your funds are. The first step is always to get rid of any debt that you can’t afford to pay off by using the payment methods in this article.

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