Credit Card Minimum Payment Calculator
Paying only the minimum is the most expensive way to carry a credit card balance. This calculator shows exactly how long minimums take, how much interest you end up paying, and whether your minimum even covers the interest.
How to use this calculator
- Enter current balance.
- Enter aPR.
- Enter minimum payment % of balance.
- Enter minimum payment floor.
- Your results appear instantly below and update as you change the numbers.
How this calculator works
Each month the minimum is the larger of a percentage of the balance (often 1–2%) or a flat floor ($25–$35), and interest is charged on top — so early on, most of the minimum payment is pure interest. The calculator amortizes the balance month by month to find your true payoff date and total interest, and flags the case where the minimum doesn't even cover monthly interest.
Frequently asked questions
Why does the minimum payment barely dent the balance?
Because it is sized to the balance, not to the interest. At 18% APR, a $5,000 balance accrues $75 of interest a month — a 2% minimum is only $100, leaving just $25 of principal. The card issuer designs it that way on purpose.
What happens if my minimum doesn't cover the interest?
The balance grows even as you pay — you can stay in debt forever. When that happens, only a fixed payment above the interest (credit card payoff calculator) or a balance transfer to a 0% card can break the cycle.
Is paying the minimum bad for my credit score?
It keeps the account current, so it protects your score — but it maximizes interest. The right move for your score is the same as for your wallet: pay as much above the minimum as you can, ideally the full statement balance.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.