Credit Card Minimum Payment Calculator

Calculate your minimum payments, see how long it will take to pay off your balance, and understand the true cost of credit card debt.

Enter Your Credit Card Details

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%
%

Typically 1-3% of your balance

$

Minimum fixed amount required by your issuer

Your Payment Results

Minimum Payment
$0.00
Months to Pay Off
0
Total Interest Paid
$0.00
Total Amount Paid
$0.00

Payment Timeline

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About Credit Card Minimum Payments

Understanding your credit card minimum payment is crucial for effective debt management. This free tool helps you calculate exactly what your minimum payment will be, how long it will take to pay off your balance, and how much interest you'll pay over time.

What is a Minimum Payment?

The minimum payment is the smallest amount you must pay each month to keep your credit card account in good standing. It's typically calculated as a percentage of your balance (usually 1-3%) or a fixed dollar amount (whichever is greater).

Why Calculate Your Minimum Payment?

Knowing your minimum payment helps you budget effectively, avoid late fees, and understand the true cost of carrying a balance. Making only minimum payments can result in paying significantly more interest over time.

Benefits of Using This Calculator

  • Understand how long it will take to pay off your balance
  • See the total interest you'll pay over time
  • Discover how paying more than minimum saves money
  • Plan your debt repayment strategy

Important Considerations

While making minimum payments keeps your account in good standing, it's the most expensive way to manage credit card debt. By paying only the minimum, you'll pay significantly more in interest and it will take much longer to become debt-free.

This calculator shows you the true cost of minimum payments and helps you make informed decisions about paying down your credit card debt faster.

Frequently Asked Questions

Credit card minimum payments are typically calculated as the greater of:

  • A fixed dollar amount (usually $25-$35)
  • A percentage of your balance (typically 1-3%)
  • Interest charges plus 1% of your balance

The exact formula varies by issuer. This calculator uses the most common method: the greater of your fixed minimum or the percentage of your balance.

While making minimum payments keeps your account in good standing, it has significant drawbacks:

  • High interest costs: You'll pay much more in interest over time
  • Long repayment period: It can take many years to pay off your balance
  • Credit score impact: High utilization ratios may lower your credit score
  • Financial vulnerability: You remain in debt longer, making you more vulnerable to financial emergencies

Strategies to pay off credit card debt faster:

  • Pay more than the minimum: Even small additional payments make a big difference
  • Use the debt avalanche method: Focus on paying off the highest interest rate card first
  • Use the debt snowball method: Pay off the smallest balance first for psychological wins
  • Balance transfer cards: Transfer high-interest debt to a 0% APR card
  • Debt consolidation loan: Combine multiple debts into one lower-interest loan
  • Budget adjustments: Find areas to reduce spending and allocate more to debt repayment

No, this calculator operates entirely in your browser. None of your financial data is sent to any server or stored anywhere. Your privacy is completely protected.

The calculator uses your browser's temporary memory while you're using it, but all information is cleared when you close the page or refresh your browser.