Credit Card Minimum Payment Calculator – Minimum Trap Costs

Calculate how paying only the minimum payment on high-interest credit cards keeps you trapped in debt for years.

Credit Card Minimum Payment Calculator – Minimum Trap Costs
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Initial Monthly Minimum Payment —
Time Required to Pay Off Balance —
Total Interest Paid on Balance —
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History — Credit Card Minimum Payment Calculator – Minimum Trap Costs

# Time Balance APR % Min Pmt % Initial Pmt Payoff Months Total Interest Action

The Credit Card Minimum Payment Trap ($8,000 Balance @ 21.99% APR)

Repayment Method Initial Monthly Payment Payoff Time Total Interest Paid Total Paid
Minimum Payment Only (2.5%) $200.00 (declining) 22.5 Years (270 Mos) $11,480 $19,480
Fixed $250 / Month $250.00 (fixed) 3.8 Years (46 Mos) $3,500 $11,500 (Save $7,980)
Fixed $400 / Month $400.00 (fixed) 2.1 Years (25 Mos) $1,850 $9,850 (Save $9,630)

Frequently Asked Questions

What is the credit card minimum payment trap?

Credit card minimum payments are calculated as a small percentage of your balance (usually 2% to 3%). As your balance drops, your minimum payment drops too, stretching out your repayment period for decades and maximizing bank interest profits.