Calculator
Credit Card Minimum Payment
See how long paying only the minimum actually takes — and what a fixed higher payment would save you instead. Enter your APR from your statement to get an accurate estimate.
Most issuers use 1-3%. Check your statement for the exact figure.
The dollar minimum even if the percentage would be less.
See how much faster a steady, higher payment gets you out.
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Why minimum payments take so long
Most issuers calculate your minimum as a small percentage of your remaining balance, so as the balance shrinks, so does the minimum — which means the payoff drags out for years even though each payment looks manageable. A fixed payment that doesn't shrink gets you out much faster, because more of it goes to principal as the balance and interest charge fall.
This is an estimate assuming no new charges are added to the card while paying it off. Real payoff will be longer if new purchases are added along the way.