- advertisement -

The true cost of paying the minimum

Is your money being sucked into a compound interest sinkhole? If you're not paying off your credit cards every month, that's just what can happen. It depends on the interest rate charged by the credit card company and whether you pay as much as you can, or just the minimum amount due.

The minimum payment on credit card debt is calculated as a percentage of your current balance. The minimum payment drops as your balance is paid, but thanks to the magic of compounding, you'll end up paying for a long, long time.

Check out how much interest you'll shell out over the life of the debt by using our calculator. Enter the information below to see the difference in time and money your payment can make!

The true cost of paying the minimum
What is your credit card balance? $
What is the interest rate on your credit card?
How is your minimum payment calculated?
Your minimum payment: $
What fixed payment could you make each month? $
Select a payment schedule based on: Minimum payment
Fixed payment

Want to transfer a balance? Click here.

Financial Literacy: Improve credit score
Checking Basics
2007 guide to taxes
Compare local and national rates
Rate Watch: Track leading interest rates
Interest rate roundup


Credit Cards
Compare weekly rates
Type Fixed Variable
Standard 13.23% 14.96%
Platinum 12.70% 16.06%
All 13.02% 15.76%

- advertisement -

- advertisement -



Financial Literacy
$30K HELOC 4.25%
$50K Home Equity Loan 4.35%
$75K Home Equity Loan 4.35%
Financial Literacy

More financial quizzes


top of page 
- advertisement -