Credit Card Minimum Payment Calculator (Zero Interest)
Calculating the minimum payment on your credit card during a zero interest period is crucial to avoid unnecessary interest charges and maintain a healthy credit score.
- Enter your credit card balance.
- Enter your annual interest rate.
- Select your payment term.
- Click ‘Calculate’.
The formula used to calculate the minimum payment is: M = P [ i(1 + i)^n ] / [ (1 + i)^n — 1 ], where:
- M = monthly payment
- P = principal loan amount (credit card balance)
- i = monthly interest rate (annual interest rate / 12)
- n = number of months (payment term)
| Balance | 6 months | 12 months | 18 months | 24 months |
|---|---|---|---|---|
| $5,000 | $833 | $417 | $278 | $215 |
- Always pay more than the minimum to reduce your debt faster.
- Consider consolidating high-interest debts to lower your overall interest costs.
What happens if I only pay the minimum?
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For more information, see the CFPB’s guide on minimum payments.