Credit Card Minimum Calculator
Understand the true cost of minimum payments. See how long it takes to pay off and total interest costs.
The real cost of minimum payments
Paying only the minimum on credit cards keeps balances high and stretches payoff timelines for years. This calculator estimates months to payoff, total interest cost, and total amount paid based on your balance, APR, and the card’s minimum payment rules.
To reduce costs, increase your monthly payment above the minimum, target the highest APR first, or consolidate to a lower rate. Even small extra payments can save thousands in interest over time. Once the balance is under control, consider automating transfers to savings or investments.
Compare strategies with the Debt Payoff and Extra Payment calculators.
FAQs
What’s a typical minimum payment?
Many issuers charge the greater of a fixed dollar amount (e.g., $25) or a percentage of balance (often 2–3%). Check your statement to confirm your exact rule.
Is consolidating credit card debt a good idea?
It can be if you qualify for a lower rate and still commit to accelerated payments. Watch for fees and avoid increasing balances again.
Which should I pay first?
Target the highest APR card first for maximum savings (Avalanche). If motivation is the issue, pay the smallest balance first (Snowball) and roll payments forward.
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