Minimum Payment

See how long it takes to clear credit card debt paying only the minimum. Calculate total interest paid and time to debt-free with minimum vs higher payments.

Credit Card Minimum Payment Calculator

See the true cost of paying only the minimum on your credit card

Outstanding balance Rs 1,00,000
Rs
Annual interest rate (APR) 42%
%
Minimum payment % 5%
%
Extra monthly payment Rs 0
Rs
Months to debt-free
---
years
Total interest paid
---
total cost of debt
Total amount paid
---
principal + interest
Original balance---
First minimum payment---
Total interest paid---
Months to clear---
Total paid (principal + interest)---

Assumes no new purchases during repayment. Actual figures may vary by bank policy.

Chart
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ThriftRupee Insight

Paying only the minimum on a Rs 1 lakh credit card balance at 42% APR takes 9+ years to clear and costs Rs 1.5 lakh in interest -- you pay 2.5x the original amount. The minimum payment trap is designed by banks to maximise interest income. Even paying Rs 500 extra per month above the minimum cuts years off repayment. Always pay as much above the minimum as possible.

Credit Card Minimum Payment Calculator India

Calculate how long it takes to clear credit card debt by paying only the minimum. See total interest paid and how extra payments dramatically reduce repayment time.

Frequently asked questions

How is credit card minimum payment calculated?▼
Minimum payment is usually the higher of: 5% of outstanding balance, or Rs 200 (whichever is higher). Some banks use 2-3% of outstanding or a flat Rs 500. HDFC: 5% or Rs 200. SBI: 5% or Rs 100. ICICI: 5% of total outstanding. Always check your card's MITC for the exact formula. Paying only the minimum keeps you in debt for years.
What happens if I pay only the minimum?▼
You will pay interest on the remaining balance at 36-48% APR from the transaction date. New purchases also attract interest from day one (no grace period). Your minimum payment gradually decreases as balance reduces, extending the repayment timeline. The bank reports on-time payment (so no CIBIL damage), but the interest cost is enormous over time.
How much extra should I pay above the minimum?▼
Pay as much as you can afford. Doubling the minimum payment typically halves the repayment time. Best strategy: fix a payment amount (e.g., Rs 5,000/month) and do not reduce it even as the minimum decreases. Better yet, pay the full outstanding amount each month to avoid interest entirely. If you cannot, convert to a personal loan at 12-18% to immediately reduce your interest rate by 60%.

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