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.
Enter Details
Results
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.
How to Use This Calculator
- Enter your current credit card balance — the total amount you owe today.
- Enter the card's annual interest rate (APR). Find it on your monthly statement or card agreement.
- Choose Automatic to estimate the standard minimum payment (monthly interest + 1% of balance), or Fixed to model a specific monthly payment amount.
- Click Calculate to see your minimum payment, total months to pay off, and total interest charged over the life of the balance.
Worked Example
You carry a $3,000 balance on a card with a 22.99% APR and make only the automatic minimum payment each month.
Balance
$3,000.00
APR
22.99%
Monthly rate (22.99 ÷ 12)
1.916%
Monthly interest charge
$3,000 × 1.916% = $57.49
1% of balance
$30.00
Minimum payment
$57.49 + $30.00 = $87.49/month
What Your Result Means
The minimum payment keeps your account in good standing but is deliberately designed to extend repayment — and maximize interest paid — over many years. Paying even a modest amount above the minimum (for example, an extra $50/month) can cut both your payoff time and your total interest by 30–50%. Use the Credit Card Payoff Calculator to model what a larger fixed payment would save you. To attack multiple debts simultaneously, consider the Debt Avalanche Calculator, which sequences your debts by interest rate to minimize total interest paid across all balances.
Disclaimer: This calculator provides estimates for general informational purposes. Actual minimum payments and payoff timelines vary by card issuer, payment timing, fees, and any new charges added to the balance. Results are not financial or credit advice. Review your cardholder agreement or contact your issuer for your exact terms.