Minimum Payment โ See the Trap
Calculate credit card minimum payments and see how long it takes to pay off. Understand the true cost of paying minimums only.
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Minimum = 2% of balance or floor โ whichever is higher Paying only minimums can take decades Double your minimum to cut payoff time 70%+ Target 3-year payoff when possible
Ready to run the numbers?
Why: Minimum payments are designed to keep you in debt. A $5K balance at 18% with minimums can take 30+ years and cost $7K+ in interest.
How: Enter balance, APR, minimum %, and floor. Results show payoff time and total interest with minimum-only payments.
Run the calculator when you are ready.
Minimum Payment Calculator โ See the Trap
Calculate credit card minimum payments and see how long it takes to pay off. Understand the true cost of paying minimums only.
Sample Scenarios โ Click to Load
Card Details
29% principal,71% interest
Calculation Breakdown
Card Details
Minimum Payment
Payoff Results
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1. Key Takeaways
- โข Minimum = smallest amount to stay current; often 1-3% of balance or floor ($25-35)
- โข Paying only minimums can take decades; total interest often exceeds principal
- โข $5K at 18%: minimum ~30 yrs, $7K+ interest; $200/mo ~3 yrs, $1.4K interest
- โข Double your minimum or pay fixed amount to cut payoff time 70%+
- โข Balance transfer to 0% intro APR can help if you pay aggressively
- โข Target 3-year payoff when possible
2. Did You Know?
2% Rule
Most cards: min = 2% of balance or floor, whichever is higher
Interest First
Early payments mostly interest; principal drops slowly
30+ Years
$5K at 18% min-only can take 30+ years to pay off
Double Min
Doubling minimum can cut payoff time 70%+
0% Promo
Balance transfer to 0% intro โ pay off during promo
Floor Amount
Typical floor $25-35; protects issuer on small balances
3. How Minimum Payment Works
Minimum = max(percentage of balance, floor). As balance drops, minimum drops โ so progress slows. Interest accrues daily. Paying more than minimum reduces principal faster and saves interest.
Inputs
Balance, APR, min % or floor
Outputs
Payoff time, total interest, payment schedule
4. Expert Tips
Pay fixed amount
Don't let minimum drop; pay same or more each month
Double minimum
Cuts payoff time 70%+
Target 3-year payoff
Calculate payment needed; often saves thousands
Balance transfer
0% intro APR โ pay aggressively during promo
5. $5K at 18% โ Payment Impact
| Payment | Time | Interest |
|---|---|---|
| Min (~$100) | 30+ yrs | $7K+ |
| $150 | ~4 yrs | $2K |
| $200 | ~3 yrs | $1.4K |
6. FAQ
It's % of balance. As balance drops, min drops โ progress slows.
$5K at 18% can cost $12K+ over 30+ years.
Yes. Even $50 extra saves significant interest.
Cuts payoff time 70%+.
0% intro APR โ pay off during promo period.
Aim for 3 years or less when possible.
7. Quick Stats
2%
Typical min %
70%+
Double min cuts time
30+
Yrs min-only $5K
$25-35
Typical floor
8. Sources
9. Disclaimer
โ ๏ธ Warning: Estimates only. Actual terms vary by card issuer. Not financial advice.
For educational purposes only โ not financial advice. Consult a qualified advisor before making decisions.
๐ก Money Facts
$5K at 18% with minimum payments takes 30+ years and costs $7K+ in interest.
โ CFPB
Doubling minimum typically cuts payoff time by 70%+
โ Industry
Most cards: min = 2% of balance or $25-35 floor.
โ Card Issuers
Balance transfer to 0% can save hundreds if paid off before intro ends.
โ Consumer Reports
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