Paying only the minimum is a trap. See how many years and how much extra it really costs.
How the Credit Card Minimum Payment Calculator works
Real card minimums are roughly a small percent of the balance plus that month's interest. The calculator simulates paying only that, revealing the true long-term cost.
Example calculation
$6,000 at 24.99% APR paying only ~1% + interest takes over 20 years and roughly $11,000 in interest.
Tips for using the Credit Card Minimum Payment Calculator
- Minimum-only payments are a long, expensive trap.
- Pay a fixed amount well above the minimum.
- Even a small fixed increase saves years.
Credit Card Minimum Payment Calculator — frequently asked questions
- Why is it so bad?
- Minimums fall as the balance drops, so most of each payment is interest for a very long time.
- What should I pay?
- Pay a fixed amount well above the minimum, or as much as you can afford each month.
- Why is the minimum so harmful?
- It declines with the balance, so most of each payment is interest for many years.
- How is the minimum calculated?
- Typically about 1% of the balance plus accrued interest, with a small dollar floor.
Related calculators
Debt Payoff Calculator · Credit Card Payoff Calculator · Debt-to-Income Ratio Calculator · Mortgage Calculator · Loan Calculator · Auto Loan Calculator