A small fixed amount on top changes the picture: more of each payment reaches the balance, and the end date moves years closer.
See your own numbers
- Use the free credit card payoff calculator on this site to compare minimum payments with a fixed monthly amount.
- In Spendry, add the card with its rate and minimum payment.
- Set an extra amount you can keep up every month and watch the debt-free date update.
An example
A balance of 3,000 at 22% with minimums of about 2.5% can take more than ten years to clear and cost more in interest than the original balance. A fixed 175 each month clears it in under two years.
If you can't pay more right now, set up the minimum as an automatic payment with your bank so you are never late, and add extra when you can.
Credit card payoff calculator
Free credit card payoff calculator. Enter your balance, rate and monthly payment to see your payoff date, the total interest and what paying only the minimum costs.
Questions
Does paying only the minimum hurt my credit?
Paying at least the minimum on time keeps the account in good standing. A high balance can still weigh on your credit, so paying it down helps.
How is the minimum payment calculated?
It depends on the bank: usually a small percentage of the balance or a fixed floor, whichever is higher. Your statement shows the exact amount.
