Credit Card Minimum Payment Calculator
Find out how long it takes to clear credit card debt when paying only the minimum payment and how much interest you lose.
Why Paying Only the Minimum Is Dangerous
Credit card companies set low minimum payments to keep balances active. This results in long repayment periods and extremely high interest costs.
How Banks Calculate Minimum Payment
- Usually 2%–5% of outstanding balance
- Plus interest + fees
- Minimum floor amount (₹50–₹100)
How to Escape the Minimum Payment Trap
- Pay fixed higher monthly amount
- Use debt snowball or avalanche method
- Consider balance transfer offers
- Reduce credit utilization ratio