FGB tools Credit Card Minimum Payment Calculator Guide
Features
Calculate minimum credit card payments based on your balance and interest rate.
See how minimum payments affect your total interest paid over time.
Estimate how long it will take to pay off your balance with minimum payments.
Compare different payment strategies to see which saves you the most money.
Use Cases
Planning monthly credit card payments to stay within budget.
Understanding the long-term cost of carrying a credit card balance.
Setting goals for paying off credit card debt faster.
Comparing different payment scenarios to find the most cost-effective one.
How to Use
- Enter your current credit card balance.
- Input your card's annual interest rate (APR).
- Enter the minimum payment percentage (usually 1-3%).
- Specify any additional monthly payment you can afford.
- Click "Calculate" to see the results, including minimum payment, total interest, and payoff time.
Frequently Asked Questions
How is the minimum payment calculated?
Minimum payments are typically calculated as a percentage of your balance (usually 1-3%) plus any interest charges for the month.
Why should I pay more than the minimum?
Paying only the minimum can result in paying significantly more in interest over time and extend the repayment period by years.
Will this calculator work for all credit cards?
This calculator works for most credit cards that use a percentage-based minimum payment. Some cards may use different methods, so check your card's terms and conditions for accuracy.