How to use the minimum payment calculator
- Enter your balance.
- Enter the minimum percentage and the flat minimum your card uses (the higher applies).
- Enter the APR and any extra you can add each month.
- Read the minimum due and the payoff time if you pay only that.
Worked example
A $3,000 balance at 24% APR with a 2% minimum (floor $25) owes a $60 minimum and about $60 interest the first month. Paying only the minimum would take roughly 14 years and cost far more in interest than the original balance.
Why the minimum is a trap
Minimum = max(Balance x Percent, Flat amount)
Monthly interest = Balance x APR / 1200
The minimum payment barely covers the interest when balances are large, so the balance creeps down slowly and compounds against you. Two rules of thumb: pay above the minimum every month, and if the minimum is less than the monthly interest, the balance will actually grow. Adding even a small fixed extra — the field above — can cut the payoff time by years.