Credit Cards   Visa credit cardsMasterCard credit cardsAmerican Express credit cardsDiscover credit cards

Saturday, November 7th 2009

The minimum payment on credit card debt is calculated as a percentage of your total current balance, or as all interest plus 1 percent of the principal. Card issuers also set a floor to their minimum payments -- a fixed dollar amount that the minimum payment won't fall below.

The minimum payment drops as your balance is paid, but thanks to compounding interest, you will end up paying for a long, long time if you pay only the minimum.

Check out how much interest you will pay over the life of the debt by using this calculator. To begin, click the "Inputs" tab and enter your information. Click "Calculate" and then view detailed information by clicking "Results," "Graphs" and "Tables."

  Popular Offers  
 
 
Popular Cash Back Credit Card
Best Cash Back Credit Card
Capital OneŽ No Hassle CashSM Rewards
 
 
Popular Balance Transfer Card
Best Cash Back Credit Card
DiscoverŽ More Card - American Flag
 
 
Popular Low Interest Credit Card
Best Balance Transfer Credit Card
Capital One® No Hassle MilesSM Rewards
 
 
Popular Airline Credit Card
Best Balance Transfer Credit Card
Chase SapphireSM Card
 
 
Popular Card for Instant Approval
Best Balance Transfer Credit Card
First PREMIERŽ Bank Gold Credit Card
 
 
Popular Good Credit Credit Card
Popluar Good Credit Credit Card
Capital OneŽ No Hassle MilesSM Rewards
 
USA (English)   |   USA (Español)   |   UK   |   Australia   |   Canada