New Visitors Privacy Policy Sponsorship Contact Us Media
Baby Boomers Family Green Home and Auto In Critical Condition Just Starting Out Lifestyle Money
- advertisement -
News & Advice Compare Rates Calculators
Rate Alerts  |  Glossary  |  Help
Mortgage Home
Auto CDs &
Retirement Checking &
Taxes Personal

Credit card calculator: 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!

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
top of page
Credit Management


Print   E-mail
$30K HELOC 4.81%
$50K Home Equity Loan 4.55%
$75K Home Equity Loan 4.54%
What will it take to pay off your credit card?
Should you refinance your mortgage?
Are you safeguarding your identity?


- advertisement -

About Bankrate | Privacy Policy/Your California Privacy Rights | Online Media Kit | Partnerships | Investor Relations | Press Room | Contact Us | Sitemap
NYSE: RATE | RSS Feeds |

* Mortgage rate may include points. See rate tables for details. Click here.
* To see the definition of overnight averages click here. ®, Copyright © 2014 Bankrate, Inc., All Rights Reserved, Terms of Use.