Credit Card Payment Calculator Tool
It is always best to pay off your credit card balance in full by the due date indicated on your statement. If you can't, you can still reduce the amount of interest you will have to pay. The credit card payment calculator compares 3 different payment options to pay off your credit card balance.
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Option A: What if you only make the minimum payment each month?
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Option B: What if you make the minimum payment plus an additional amount each month?
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Option C: What if you pay a fixed amount each month?
The credit card calculator assumes that you are not using your credit card while you are paying off the balance.
Enter your information and click 'Calculate...' to see the results.
Option A: What if you only make the minimum payment each month?
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The minimum amount you must pay each month on your credit card. The minimum payment is the greater of the following two amounts:
- A fixed amount (for example, $10), or
- A percentage (for example, 3%) of the balance you owe.
Check your credit card agreement, or FCAC's credit card comparison tables, in Credit Cards and You, to see what formula your credit card issuer uses to calculate the minimum monthly payment you are required to pay on your credit card.
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The minimum amount you must pay each month on your credit card. The minimum payment is the greater of the following two amounts:
- A fixed amount (for example, $10), or
- A percentage (for example, 3%) of the balance you owe.
Check your credit card agreement, or FCAC's credit card comparison tables, in Credit Cards and You, to see what formula your credit card issuer uses to calculate the minimum monthly payment you are required to pay on your credit card.
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Your Minimum Monthly Amount/Percentage input does not cover the interest amount. Please increase this value and try it again.
(Whichever is greater)
Based on the information that you've provided your first minimum payment amount is: . Your minimum monthly payment will decrease as you pay off your balance.
We offer this credit card calculator as a self-help tool for your use. This tool does not replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. For example, your credit card issuer may make its calculations in a different way. All calculations are examples only. This calculator does not include other fees, such as those for optional services (credit balance insurance, etc).
This calculator assumes that:
- you are already carrying a balance, which means that no grace period applies; and
- you are not making any more transactions with the credit card while you are paying
off the balance.
