Making only the minimum payment is one of the most expensive financial mistakes you can make. See exactly how long it takes and how much it costs.
Warning: Most credit card minimum payments are designed to maximize the interest you pay — not help you get out of debt. A $5,000 balance at 22% APR making only minimums can take over 20 years to pay off.
💳 Your Credit Card
$
%
Years to Pay Off at Minimum Only
0 years
$0 total interest — $0 total paid
Total Months
0
At minimum payments only
Total Interest Paid
$0
Cost of just paying minimums
Total Amount Paid
$0
Principal + all interest
Interest Multiplier
0x
You pay this many times the balance
💡 What If You Paid More?
Minimum only (current)—
Fixed $100/month—
Fixed $200/month—
Fixed $300/month—
Fixed $500/month—
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Frequently Asked Questions
Why are minimum payments so bad? ▾
Minimum payments are typically 1-2% of your balance or $25, whichever is greater. This is designed to keep you in debt as long as possible — maximizing interest revenue for the bank. As your balance slowly decreases, so does your minimum payment, meaning the payoff timeline extends indefinitely. The credit card business model depends on customers only paying minimums. Understanding this is the first step to breaking free.
What's the minimum I should pay? ▾
At absolute minimum, always pay at least the minimum to avoid late fees and credit score damage. But try to pay as much above the minimum as possible. Even doubling the minimum payment can cut years off your payoff time. A good rule of thumb: never pay less than the interest that accrued that month, or you're going backwards — your balance grows even as you make payments.
Does making minimum payments hurt your credit score? ▾
Making minimum payments on time does not directly hurt your credit score — on-time payments are reported as on-time regardless of amount. However, a high balance relative to your credit limit (credit utilization) does hurt your score. So minimum payments slow down your ability to reduce utilization. Additionally, carrying high balances suggests financial stress to lenders, which can affect loan approvals beyond just the score.