Credit Card Minimum Payment Calculator
Paying only the minimum amount on your credit card can lead to years of debt and enormous interest charges. Our calculator reveals the true cost of minimum payments.
Enter your balance, interest rate and minimum payment to see the payoff timeline and total interest you will pay.
The Minimum Payment Trap
Credit card minimum payments are typically set at 20-40% of the statement balance. While this keeps your account in good standing, it extends the repayment period dramatically and multiplies the interest cost.
Strategies to Pay Off Faster
Paying more than the minimum, consolidating with a personal loan at a lower rate, or using the avalanche method (highest interest first) can significantly reduce total interest paid.
Related Tools
Loan Calculator
Calculate monthly loan payments, total interest and view the amortization schedule.
Mortgage Calculator
Calculate mortgage payments and total cost for home loans.
Deposit Interest Calculator
Calculate net interest earnings on bank time deposits after withholding tax.
Compound Interest Calculator
Calculate how your money grows with compound interest over time.