Credit Card Minimum Payment Calculator
Calculate how long it will take to pay off your credit card balance using either the automatic minimum payment (interest + 1%) or a fixed payment amount you choose.
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Enter credit card details to see minimum payment and payoff time.
Formula Explanation
Automatic Minimum Payment
The minimum payment is calculated as the monthly interest charge plus 1% of the balance:
Fixed Payment
When using a fixed payment amount, the same payment is applied each month until the balance is paid off. The payment must be greater than the monthly interest charge to make progress.
Interest is compounded monthly. Each month, the interest charge is calculated on your current balance, then added to the balance before your payment is applied.
Each month, interest is charged on the remaining balance, and the balance decreases by your payment minus interest charges. Larger payments pay off the balance faster and cost less in total interest.