Credit Card Minimum Repayment Calculator

The Credit Card Minimum Repayment Calculator helps consumers calculate how much they need to repay in order to simply cover fees and interest on their cards.

Is plastic really so fantastic? Each American holds an average of $15,000 in credit card debts. Credit cards are very easy to charge up, but not so simple to repay! Credit card statements are confusing and the APR shown can be misleading due to compounding interest being applied each month to the outstanding balance. It quickly adds up, especially if you only repay the minimum.

Our Credit Card Minimum Repayment Calculator can help you figure out what you should budget as your minimum (fees & interest only) payment for those tight months and how high you should be aiming if you want to repay the debt faster by paying down the actual principal (what you have spent).

This means that anything over this amount will be repaying the true debt; the principal. If you are doing that, congratulations! Keep on doing this as it is the best way to repay your credit card debt consistently and as quickly as possible.


How the Credit Card Minimum Repayment Calculator Works

STEP 1: Enter the total balance on your credit card (in dollars): The total amount you have outstanding on your credit card is the total amount you have spent and need to pay. For example, if you have spent $5,700 on your card, enter the figures ‘5700.’

STEP 2: Enter the Annual Percentage Interest Rate (APR) of the Credit Card (in numbers): The APR will be shown on your bank statement or can be confirmed by calling your card issuer. This is the yearly rate of interest that is applied to the card. For example, if the APR is 16%, enter the number ‘16.’

STEP 3: Enter the total annual fees for the card (in dollars): How much do you pay in fees and charges to use the card? If your yearly fee is $100, enter ‘100.’ If your card is free to use, leave it blank.

STEP 4: Click on Calculate: That’s it, you’re done! The calculator will tell you the dollar amount you need to pay in order to satisfy both the yearly and monthly interest and fees and avoid late penalties if you are careful to always repay on time.