Credit Card Minimum Payment Trap Calculator
See the true cost of only making minimum payments on your credit card. Discover how long payoff really takes and how much extra you pay in interest.
Financial Disclaimer
This calculator is for educational purposes only and does not constitute financial advice. Results are estimates based on the inputs provided. Consult a qualified financial advisor before making investment or financial planning decisions.
Inputs
Results
Months to Payoff
600
How to Use This Calculator
- Enter your current credit card balance and the annual APR.
- Set the minimum payment percentage (most cards use 1–2% of the balance) and the minimum floor amount.
- Review Months to Payoff — you may be shocked how many years minimum payments take.
- Check Total Interest Paid and Effective Cost Multiplier to see the real cost of carrying the balance.
- Use this as motivation to pay more than the minimum — even an extra $25/month makes a dramatic difference.
What each input means
- Credit Card Balance
- Your current credit card balance.
- APR
- Annual percentage rate on your card.
- Minimum Payment %
- Minimum payment as a percentage of balance (typically 1-3%).
- Minimum Payment Floor
- The absolute minimum payment regardless of balance (typically $25-$35).
What each result means
- Cost Multiplier
- How many times the original balance you end up paying.
Engine last updated . Checked against 1 independently-derived test — how we verify calculators.
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