Credit Card Minimum Payment Calculator

Ever heard of the minimum payment trap? See how long it takes to pay off a credit card when making only the required minimum payment.

Making just twice the minimum payment will dramatically reduce your cost (try it below).

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Select payment

Minimum

Twice the minimum

This calculator uses a common minimum payment formula of each month's interest plus 1% of the outstanding balance OR $25 (whichever is higher). Minimum payment policies can vary by lender.