Credit Card Minimum Payment Calculator
See how long a credit card balance takes to clear and the total interest paid if you only make the minimum repayment each month.
Your results
Minimum payments shrink as the balance falls, so this simulates a payment that is recalculated each month.
Calculation breakdown
- Monthly minimum
- max(balance × min%, floor)
- Interest
- balance × (annual rate ÷ 12)
- New balance
- balance + interest − payment
Worked example
A $5,000 balance at 21.99% p.a. with a 3% minimum and $25 floor takes roughly 12–13 years to clear if only the minimum is ever paid, costing several thousand dollars in interest.
Assumptions
- Assumes no new spending is added to the card while paying it off.
- Minimum is recalculated each month as a percentage of the falling balance, subject to the floor.
- Ignores any promotional or introductory rates.
Sources
How this calculator works
This calculator models a credit card balance that is repaid using only the minimum payment each month, which is usually the higher of a fixed percentage of the balance or a set dollar floor. It shows the months to clear the debt and the total interest cost, so you can compare it with paying a fixed amount above the minimum.
Frequently asked questions
Why does the minimum payment take so long to clear a balance?
Because the minimum is usually a small percentage of the balance, most of each payment covers interest early on, so the principal barely reduces and the payoff drags out for years.
What counts as a typical minimum repayment?
Card providers vary, but 2–3% of the outstanding balance (or a small fixed dollar amount, whichever is greater) is common. Check your card's terms and enter the exact figure for accuracy.
Does paying a bit more than the minimum help much?
Yes. Even an extra $20–$50 a month can cut years off the payoff time and save a large amount of interest, because more of each payment reduces the principal.
Results are estimates only and are not financial, tax, legal or credit advice.