💸

Credit Card Minimum Payment

See the true cost of making only the minimum payment on your credit card — how long until payoff and how much interest you will pay.

2
Most issuers set the minimum at 1 %–3 % of the balance (or a $25 floor).

Results

Minimum Payment$100.00
Months to Payoff167 months
Total Paid$16,700.00
Total Interest$11,700.00

📖What is it?

This calculator illustrates the hidden cost of making only the minimum payment on a credit card. It computes a fixed minimum payment (the greater of a percentage of the balance or $25) and shows how long full repayment takes and how much extra you pay in interest. Note: this is a simplified model — real minimum payments are recalculated each billing cycle as the balance shrinks, so actual payoff times may differ.

🎯How to use

Enter your card balance and APR, then adjust the minimum-payment percentage (typically 1 %–3 %). The calculator shows the initial minimum payment amount, the approximate months to payoff, and the total interest cost.

💡Example scenario

A $5,000 balance at 22.99 % APR with a 2 % minimum payment ($100) would take roughly 9 years and cost over $8,000 in interest — meaning you pay more than double the original balance.

🏆Pro tip

Always pay more than the minimum. Even doubling the minimum payment can cut your payoff time by more than half and save thousands in interest.