Why does the minimum take so long?

Because it is a percentage of the balance. As you pay it down, the required payment falls too, so less goes against the debt each month and the tail is extremely long.

Is paying the minimum bad for my credit?

No — paying the minimum on time is reported as paying on time. The cost is interest, not your credit standing.

What is the minimum payment floor?

A fixed amount, often around $10, that applies once the percentage falls below it. It stops the final months dragging on indefinitely.

Should I pay the highest rate or the smallest balance first?

Paying the highest rate first costs the least in interest. Paying the smallest balance first clears individual debts sooner, which some people find easier to stick with. Both beat paying minimums.

Credit Card Minimum Payment Calculator

What paying only the minimum really costs.

A credit card minimum is usually a percentage of the balance — often two or three per cent — with a small floor. Because it shrinks as the balance shrinks, the payment falls just as fast as the debt does, and the term stretches out for years.

This compares two approaches on the same balance: paying whatever the minimum happens to be that month, and paying a fixed amount every month regardless. The gap between them is normally measured in years and thousands in interest.

Your numbers

Card balance

Interest rate (APR)

Minimum payment (% of balance)

Minimum payment floor

Fixed payment to compare

Paying the minimum only

25 yr 3 mo

🇺🇸 US · USD

First minimum payment: $150.00
Interest paying the minimum: $8,449.46
Paying $250.00 a month: 2 yr 2 mo
Interest at the fixed payment: $1,365.57
Interest saved: $7,083.88
Time saved: 23 yr 1 mo

Estimates only. Results from this calculator are for general informational purposes and are not tax, legal, accounting or financial advice. Rates change and individual circumstances vary — confirm figures with the CRA, the IRS, your state or provincial authority, or a licensed professional before acting on them.

How it's calculated

Minimum payment = greater of (balance × minimum %) and the floor
Each month: interest = balance × APR ÷ 12, then balance = balance + interest − payment
Paying the minimum, the payment falls as the balance falls — which is what stretches the term

A fixed payment keeps the full amount working against the balance every month, so the term collapses even though the monthly cost barely changes at the start.

Frequently asked questions

Why does the minimum take so long?: Because it is a percentage of the balance. As you pay it down, the required payment falls too, so less goes against the debt each month and the tail is extremely long.
Is paying the minimum bad for my credit?: No — paying the minimum on time is reported as paying on time. The cost is interest, not your credit standing.
What is the minimum payment floor?: A fixed amount, often around $10, that applies once the percentage falls below it. It stops the final months dragging on indefinitely.
Should I pay the highest rate or the smallest balance first?: Paying the highest rate first costs the least in interest. Paying the smallest balance first clears individual debts sooner, which some people find easier to stick with. Both beat paying minimums.

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Debt Payoff CalculatorHow long until it is gone, and what paying extra saves you.Loan Affordability CalculatorCan you actually afford the repayment?Net Profit CalculatorRevenue minus every cost — the real bottom line.