Credit Card Minimum Payment Calculator
Enter your balance, the APR from your statement, and what you could pay monthly instead. The calculator amortizes both paths: years and interest at minimum-only, versus months and interest at your fixed payment.
The minimum is engineered, not helpful - at a 22 percent APR, interest eats most of a 2 percent minimum, so the balance barely moves for years. That is the business model working as designed, and the comparison line is the same card paid like a normal loan.
How to use
- Balance and APR straight off the statement.
- Set the fixed payment you can genuinely sustain monthly.
- Compare the interest columns - then point the extra at the highest-APR card.
Frequently asked questions
How long does it take to pay off a credit card with minimum payments?
At 2 percent minimums and a 22 percent APR, a 3,000 dollar balance runs for over a decade and costs thousands in interest - the early payments barely cover the monthly charge. The calculator runs your exact numbers.
Why is my minimum payment so low?
Because a low minimum maximizes interest: the floor is engineered around the card profit model, not your payoff. Regulators now force issuers to print the warning on statements - the calculator makes it concrete.
What happens if I pay more than the minimum?
Everything above the minimum hits principal directly, which compounds in your favor: the fixed-payment column shows months and interest collapsing at the same time. Even 20 extra dollars a month changes the curve visibly.
Is a balance transfer worth it?
Often, yes: a 0 percent transfer with a 3 percent fee beats a year of 22 percent interest if you actually clear the balance inside the window. The fee is the whole cost - the trap is treating the new card as fresh spending room.