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.
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.
That design isn't an accident. A minimum that just barely outpaces the interest keeps the account profitable for as long as possible while staying affordable-looking on the statement. Regulation requires minimums to pay down some principal — but only barely. If you're juggling several cards, see avalanche vs. snowball for the fastest order to attack them in.
One honest limitation: our model computes the minimum as a percentage of the pre-interest balance each month. Many issuers calculate it on the statement balance including that month's new interest and fees, so your real payoff will be slightly slower than what we show. Treat the minimum-payment figure here as the optimistic end.
A worked example
Take the defaults: a $5,000 balance at 22% APR with a 2% minimum and a $25 floor. Paying only the minimum takes about 80 years and roughly $43,400 in interest — nearly nine times the original balance. A fixed $200 a month clears the same debt in about 2 years 10 months with roughly $1,750 in interest. Same debt, same rate; the only difference is a payment that refuses to shrink.
Common questions
Does paying twice a month help? Yes, slightly. Most cards charge interest on your average daily balance, so money that arrives mid-cycle lowers the average and trims the interest charge. It won't rescue a minimum-only plan, but it's a free improvement on any plan.
What about a 0% balance transfer card? It can genuinely help — 0% for 12–21 months is real breathing room. Watch the traps: transfer fees of 3–5% up front, and promotional terms where unpaid balances get hit with deferred or sharply higher interest when the promo ends. A transfer only works if you'd actually pay it off during the window.
Should I close the card once it's paid off? Usually not — closing it shrinks your available credit, which raises your credit utilization on remaining cards and can ding your score. See credit score basics for how the pieces fit together.
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.