Calculate the Cost of Making Minimum Credit Card Payments

Many people are unaware of the full cost of credit card debt. While mortgages, vehicle loans & other forms of secured consumer debt charge well under 10%, it is not uncommon for credit cards to charge over 20% interest per year. Consumers who only make the minimum payment amounts will pay a lot in interest over the life of their debt balance because most of the minimum payment amount only applies to interest on the debt.

Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it. Compound interest is the most powerful force in the universe. Compound interest is the greatest mathematical discovery of all time." - Albert Einstein

On your credit card disclosure statement it will list something like "your minimum payment will be $10 or 2% of the balance owed, whichever is greater." These are the numbers which will get entered in rows 3 & 4.

Beginning Card Balance:
Annual Interest Rate (APR %):
(3) Minimum Payment (in %):
(4) Minimum Payment (in $):
Total Interest:
Number of Payments:
Years Until Debt Paid Off:
Foregone Interest Earnings:
Total Estimated Opportunity Cost:


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Man Holding Credit Card.