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Credit-Card Minimum Payment Calculator

Paying only the minimum is a trap. Enter your balance and rate to see how many years the minimum takes — then compare a fixed monthly payment.

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Time paying only the minimum
Interest paid (minimum only)
Time paying the fixed amount
Interest paid (fixed amount)
Fixed payment saves

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Why the minimum is a trap

The minimum payment shrinks as your balance falls, so it stretches repayment over years and piles on interest. A fixed payment — even a modest one — pays the card off far faster because more of every dollar hits principal.

How it’s calculated & sources

We simulate monthly: interest accrues at APR÷12, then the minimum (the greater of your percentage or $25) is applied. The fixed-payment scenario applies the same dollar amount each month until the balance reaches zero.

Benchmark: the difference between the shrinking minimum and a fixed payment. The CARD Act requires minimums to at least cover interest; most issuers use ~1–3% of the balance.

Results update as you type and are general estimates, not personalized financial, tax, medical or legal advice. Verify with a professional.

Worked example

A $5,000 balance at 22% paying a 2% minimum takes over 20 years and costs more in interest than the original balance. Paying a fixed $200/month clears it in about 2.5 years.

Frequently asked questions

Does paying the minimum hurt my credit?

Paying on time helps, but carrying a high balance raises your utilization, which can lower your score. Paying more reduces both interest and utilization.

What if my minimum is a flat dollar amount?

Set the percentage so it matches, or use the fixed-amount field to model a flat payment directly.