GenzeeCredit Card Minimum Payment Calculator
See how long it really takes — and how much interest you really pay — if you only ever pay the minimum on a credit card.
Time to pay off at minimum
6y 9m
Paying only the minimum every month
Why minimum payments are different from a fixed payoff plan
A credit card minimum payment is usually calculated as a percentage of the current balance (commonly 3-5%), or a flat floor amount, whichever is higher. Because it's a percentage of a shrinking balance, the required payment itself shrinks every month right alongside the balance — unlike a fixed loan payment, which stays constant until the debt is gone.
Why that makes payoff drag on for years
As both the balance and the required payment shrink together, an ever-smaller amount goes toward actually reducing what's owed each month, while interest keeps accruing on whatever remains. On a typical credit card balance and interest rate, paying only the minimum can take many years to clear — and the total interest paid along the way can end up costing more than the original balance itself.
What actually breaks the cycle
Paying any fixed amount above the calculated minimum — even a modest fixed top-up — breaks this pattern, because a fixed payment doesn't shrink as the balance does. This calculator's numbers are precisely why "pay more than the minimum" is close to universal advice from anyone who has looked at the actual math of revolving credit card debt.
Frequently asked questions
Why does the minimum payment keep shrinking?
Because it's calculated as a percentage of the current balance each month. As the balance goes down (even slowly), the required minimum goes down with it, which is exactly what drags payoff out for years.
Is there a way to make my minimum payment fixed?
Some card issuers let you set up a fixed payment amount instead of the calculated minimum, or you can simply choose to pay a consistent fixed amount above whatever the minimum happens to be each month — both break the shrinking-payment pattern.
Does making only minimum payments hurt my credit score?
Paying at least the minimum on time generally protects your payment history, which is a major credit score factor. But a high balance relative to your credit limit (utilization) — which stays high for years under minimum-only payments — can hurt your score independently of whether payments are on time.