Credit Card Minimum Payment Calculator
Calculate how long it will take to pay off credit card debt making only minimum payments
About this calculator
The Credit Card Minimum Payment Calculator helps you understand the true cost of making only minimum payments on your credit card debt. By entering your current balance, interest rate, and minimum payment percentage, you can see exactly how many years it will take to become debt-free and how much total interest you'll pay. This powerful tool reveals why minimum payments keep you trapped in debt cycles and motivates you to pay more than the minimum to save thousands in interest charges.
How to use
Enter your current credit card balance, annual interest rate (APR), and your card's minimum payment percentage (typically 2-3%). The calculator will instantly show how long it takes to pay off your debt with minimum payments only, plus the total interest you'll pay over time.
Frequently asked questions
How is the minimum payment calculated?
Most credit cards calculate minimum payments as 2-3% of your balance, or a fixed dollar amount plus interest charges, whichever is higher.
Why does it take so long with minimum payments?
Minimum payments primarily cover interest charges with little going toward principal, extending payoff time and maximizing interest costs for lenders.
What if I pay more than the minimum?
Paying even $25-50 extra monthly can cut years off your payoff time and save hundreds or thousands in interest charges.