FINANCIAL · CREDIT CARD MINIMUM PAYMENT

Credit Card Minimum Payment Calculator

See how long it takes to pay off a credit card balance with minimum-only payments and how much interest you will pay in total.

Card Balance & Rate
Minimum Payment Rules
02 Result
Time to pay off
28 yr 11 mo
(347 monthly payments)
Starting balance$3,000.00
First min. payment$60.00
Total interest paid$9,409.15
Total amount paid$12,409.15

About This Calculator

Enter your current balance and interest rate to see exactly how many months it will take to pay off your credit card making only minimum payments — and the total interest cost of that strategy.

How It Works

Each month, the calculator adds interest to your balance and then subtracts the minimum payment (the greater of $25 or 2% of your balance+interest, configurable). The projection repeats until the balance reaches zero. If your minimum payment is less than or equal to the monthly interest, the balance will never be paid off — the calculator shows an error in that case.

The Formula

Monthly interest = Balance × (APR / 12) Min payment = max(floor, balance × minPct)

APR
Annual Percentage Rate on the card (as a decimal)
minPct
Minimum payment percentage (default 2%)
floor
Flat minimum payment (default $25)

Frequently Asked Questions

Why does it take so long to pay off even a small balance?
Because the minimum payment shrinks as your balance falls — you pay progressively less each month, so a larger share of each payment goes to interest. A $3,000 balance at 20% APR with a 2% decreasing minimum can take over 25 years and cost thousands in interest.
What minimum payment percentage do credit cards use?
The most common formula is max($25, 1%–2% of the statement balance). The default here is 2% with a $25 floor, which matches many major US issuers. Check your card agreement for the exact terms.
What is the never-payoff scenario?
If your minimum payment equals or is less than the monthly interest charge, your balance will grow (or stay flat) forever. This can happen with a very low minimum percentage and a high interest rate. The calculator will show an error message if this is the case.
How can I pay off my balance faster?
Pay more than the minimum. Even adding $20–$50 per month on top of the minimum can cut years off your payoff timeline. The Debt Payoff Calculator lets you model a fixed monthly payment to compare strategies.