A card’s minimum payment is designed to keep the account current, not to clear the balance quickly. That is the minimum-payment trap: a large share of a small payment can go to interest, so the balance falls slowly and the debt can last for years.
This tool compares paying only the minimum with adding $20, $50, or a custom extra amount each month. You can match the minimum to your statement (a percentage of the balance, or a percentage plus monthly interest, with a dollar floor).
How to use this calculator
- Enter your current balance and APR.
- Choose how your minimum is calculated and, if needed, edit the percentage and dollar floor so they match your statement.
- Optionally set a custom extra payment. The results also show +$20 and +$50 for comparison.
Results
Related guides and comparisons
- Paying Off Credit Card Debt: A Step-by-Step Guide
- Compare secured credit cards
- Compare debt consolidation options
- Debt Snowball vs. Avalanche Calculator
- Amortization Calculator
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Results are estimates for education only. They are not financial, legal or credit-repair advice, and they are not an offer or a decision from any lender. We do not promise credit-score increases, item removals, or loan or card approvals. Actual rates, payments and qualification depend on the lender, the loan and your full application. See our Financial Disclaimer.