What is the minimum payment trap?

Paying only the minimum on a revolving balance keeps debt alive for years and maximizes interest paid to the card issuer. Even a modest fixed payment above the minimum can cut months or years off payoff and save hundreds or thousands in interest, depending on balance and APR.

Yes — higher APR dramatically increases interest and lengthens the payoff timeline on the same balance and payment. This calculator assumes a constant APR with no new charges. Promotional rates, penalty APRs, and balance transfers need separate scenarios for accurate planning.

Should I pay more than the minimum?

Yes — even a small extra monthly payment saves significant interest over time because it reduces the balance that accrues interest each cycle. Enter a realistic fixed payment you can sustain, then compare payoff date and total interest against minimum-only payments.