How do I calculate my minimum payment on a credit card?

The minimum payment on a $2,000 credit card balance is at least $20, plus any fees, interest, and past-due amounts, if applicable. If you were late making a payment for the previous billing period, the credit card company may also add a late fee on top of your standard minimum payment. The exact formula your credit card’s issuer uses to calculate minimum payments is available in the card’s terms and conditions.... read full answer

Minimum Payment on a $2,000 Credit Card Balance by Issuer

Note: Amounts above do not include interest and fees, which may be applied.

Key Things to Know About Credit Card Minimum Payments

• The minimum payment is the smallest amount you’re required to pay by the due date for your account to be in good standing.
• Late or missed payments will not only raise your minimum payment amount, but they can also cause significant damage to your credit score.
• Your minimum payment will be listed on your monthly credit card statement and online account summary.
• Credit card issuers are required by law to publish a chart on your credit card statement that projects how long it will take you to pay off your credit card balance just by making the minimum payment, and how much that will cost you in interest charges.

Paying off a credit card balance by only making the minimum payment required can be quite expensive. To see for yourself, try WalletHub’s credit card minimum payment calculator.

You can find the minimum payment on a credit card by looking at your monthly statement. Additionally, you might find this information in your online banking account, or by calling the number on the back of your card.

The minimum payment is calculated differently by each issuer, but it’s generally a fixed amount or a percentage of the cardholder’s balance plus interest and fees, whichever is greater. For example, the minimum payment for a Chase credit card is $35 or 1% of the statement balance plus interest and late fees, whichever is greater. By paying this amount each month before your due date, you can keep your account in good standing. Bear in mind, though, that in order to avoid interest charges, you must always pay back what you owe in full.... read full answer

The percentage for a minimum payment on a credit card is often 1% to 3% of the card's balance (or $20 to $35, whichever is greater). If the dollar amount is higher than the actual balance charged to the card, then the full balance is the minimum payment. The exact details ... read full answerdiffer from issuer to issuer, though.

If you make at least your credit card’s minimum payment by the due date, you will avoid late fees and penalty APRs. However, any unpaid balance carried between months begins to accrue interest.

You can use WalletHub’s credit card minimum payment calculator to see how long it would take to pay off your debt by just making the minimum payment each month.