Credit Card Minimum Payment Calculator

Work out your credit card payments

Facing credit card debt can be a daunting task. Having a calculator can help you assess your obligations so that you can make adequate payments. By listing your card balances, interest rates, and minimum payments, you can find out how long it will take for you to reduce your debts. With this tool you can add up to 5 different loans or credit cards.
Let’s start by going over what the calculator is used for and how to use it.

What if you just make minimum payments?
It is very common to have credit card debt. Credit cards are convenient for big purchases and everyday expenses, especially between paychecks. It can be tempting to only pay the minimum amount when you see your statement. While spending as little as possible is good for budgeting, it can be troublesome for your credit.
When you only pay the minimum amount you are pledging to pay more in interest later. The balance and your debt only get pushed back for some time. Add in some new charges, and you can get in over your head.
Should you pay more than the minimum?
It will take much longer to pay off your credit cards if you only use minimum payments. Making small payments helps to avoid late fees, but doesn’t really impact the balance on the cards. Just doubling the minimum payment can reduce your repayment period by half.
How is the minimum payment calculated?
The minimum payment on your credit card can be calculated in different ways. Some creditors will require a fixed amount if there is only a small balance on the card. Other credit issuers take a percentage of the balance – usually 1% to 2% of the charges on the card, plus interest.
Credit card interest rates can range from 13% up to 23%. The lower end of the APR range is for business credit cards and borrowers with excellent credit ratings. Consumers with lower credit scores often pay higher interest rates. Credit cards with airline and cash back benefits also tend to charge greater interest than the others.
How to pay off your debt faster
Once you view the payment schedule, you can choose how much more you can afford to pay per month to roll down your debt. Allocate your money towards the credit cards with the highest percentage rates or the largest balance first.
You can also put more money to your repayments as your finances change. If you get a raise at work, use the extra funds to roll down your debt. Alternatively, if you get a tax refund, pay off a lump sum of your card balance.
Don’t forget that any credit card calculator is only as good as the information provided and minor mistakes in percentage rates or minimum payments can hurt your credit score.
Bookmark this calculator and save it to the home screen on your smartphone to have when your finances change. If you found this page useful, you can promote us on social media to help your friends reduce their credit card debt too.
What is this calculator for?
The credit card minimum payment calculator will help you work out your credit card payments. You can include credit and debt information for up to 5 cards.
When you add your details to the system, you can view all your monthly obligations. The charts and tables make it easy to examine your total interest and principal payments. You can even see the length of time it will take to pay off your credit cards.
After reviewing your report, you can try out alternative payment amounts to save money on interest.
How to use the calculator
It is very straightforward to use the credit card minimum payment calculator. Follow these steps:
1. The first line of the calculator requires the credit balance on your first card. You can adjust this number quickly by using the arrow features. Your balance can be found on recent statements, through online banking, or by accessing the creditor’s app on your smartphone (if available).
2. You can include the credit card rate on the second line of the calculator. This is the annual percentage rate on the money you are borrowing. The interest can vary widely between companies depending on your credit score as well as any perks being offered with the card.
3. Next, you may proceed to the third line, which requires your minimum payment. This is the amount you must pay every month to protect your credit score. You can increase your minimum payment if you want to pay off your debt sooner.
4. Upon this completion, you may opt to repeat these inputs for credit card #2, credit card #3, credit card #4, and up to credit card #5.
Your results
credit card
Once the information is assigned to the calculator, you can view all your credit card information in the quick prompts on the right. You can see the monthly payment, balance payoff, and total payments, respective to each credit card.
The balance payoff is the length of time it will take to pay off the debt with your current contribution. The combination of the principle and interest charges is reflected in the total payments for that card. Remember, as the minimum payment increases, the amount of interest and total dollar payments will decrease.
credit card minimum payment calculator
Underneath the calculator inputs is a principal balance chart. This is a consolidated view of the monetary balance of all the credit cards combined. It also highlights the time in years for which it will take to pay off the debts altogether.
credit card
The next tab over is a detailed credit card payment schedule. This table itemizes the interest and principal payments on all your cards combined. You can clearly see the amount of interest being paid.