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Credit card minimum payment

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See how long a credit card balance takes to pay off if you pay only the minimum, and how much a fixed payment saves.

How this calculator works

Card issuers usually set the minimum payment at about 1% of the balance plus that month's interest, or 2% to 3% of the balance, with a floor of around $25 to $35. Because the minimum shrinks as the balance shrinks, paying only the minimum can stretch a debt out for decades and cost more in interest than the original purchase. Paying a fixed amount each month, even a little more than the first minimum, cuts the time and interest dramatically.

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Disclaimer: This calculator is for education and planning only and is not financial advice. Actual rates, fees, and terms vary by lender and your credit, so confirm the numbers with your lender before you sign anything.

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