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.
Compare low-interest and balance-transfer cards
Learn moreWhy 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.