Credit Card Minimum Payment Calculator
See your credit card minimum payment, how long paying only the minimum takes to clear the balance and how much interest it costs.
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About the Credit Card Minimum Payment Calculator
Credit card issuers set a minimum payment, usually the larger of a flat dollar amount or about 1% of your balance plus that month's interest and fees. Paying only the minimum keeps you in debt for years and costs a lot of interest. This calculator shows the first minimum payment, the full payoff time at the minimum and the savings from paying a little extra.
How to use it
- Enter your card balance and APR.
- Enter your card's minimum rule: the percentage of the balance and the dollar floor.
- Add an optional extra payment, then press Calculate minimum payment.
Typical minimum payment formula
Minimum = the greater of a floor (often $25 to $40) or 1% of the balance plus interest and late fees. Check your statement for your issuer's exact rule.
Why paying more matters
On a $6,500 balance at 24.99% APR, paying only the minimum can take about 19 years and cost far more than the original balance. Even $50 extra a month cuts the time and the interest dramatically. Use the credit card payoff calculator to find the payment that clears the card by a date.
Frequently asked questions
How is the minimum credit card payment calculated?
Usually the larger of a fixed amount, often $25 to $40, or about 1% of the balance plus interest and fees.
How long to pay off a card paying only the minimum?
It depends on balance and APR. A $6,500 balance at about 25% APR can take about 19 years at the minimum.
Does paying the minimum hurt my credit?
It keeps the account in good standing, but a high balance raises your utilization, which can lower your score.
What happens if I miss the minimum payment?
You may be charged a late fee, a penalty APR can apply and the late payment can be reported after 30 days.
Should I pay more than the minimum?
Yes. Any extra goes directly to principal and reduces interest.
Last reviewed: November 2026. Estimates only, not financial, tax or legal advice.