Minimum payment trap calculator
Card minimums shrink as the balance shrinks, which is what stretches a few thousand dollars across decades. Compare that against any fixed payment you could commit to.
$183First minimum payment
21 yr 4 moMinimum-only payoff
$10,870Interest paid
| Approach | Payoff time | Interest | Total paid |
|---|---|---|---|
| Minimum only (interest plus 1%, floor $25) | 21 yr 4 mo | $10,870 | $17,270 |
| Fixed $250 a month | 3 years | $2,384 | $8,784 |
Paying a flat $250 instead of the shrinking minimum saves $8,486 and clears the balance 18 yr 4 mo sooner.
Estimates only. Issuers word the minimum payment rule differently and some use a flat percentage of the balance instead, which is slower still. Promotional and penalty rates change the answer, and no new charges are assumed.