Credit Card Minimum Payment Calculator

Making the minimum payment on a credit card is an option, but that convenience comes at a cost.

This calculator shows how long it can take to pay off a balance when you make only the minimum payment compared to paying just twice that amount. As the chart shows, even modest increases in your monthly payment can make a big difference.

While we focus on minimum payments here, the real takeaway is this: the faster you pay down a credit card balance, the less interest you pay. If you carry a balance, try to pay more than the minimum whenever possible - even small increases reduce debt faster.