- advertisement -
RATES & NEWS
  Autos 
  Credit & Debt
  Everyday Economics
  GICs/Savings
  Home Equity/Loans 
  Mortgages 
  Popular Columns 
  Retirement
  Tax Centre
   
  Calculators



RSS feeds
Today's new storiesBankrate has created a new way for readers to access Bankrate's award-winning personal finance stories: RSS feeds. Click here
 
The true cost of paying the minimum
Calculate your payment and more

Is your money being sucked into a compound interest sinkhole? If you're not paying off your credit cards every month, that's just what can happen. It depends on the interest rate charged by the credit card company and whether you pay as much as you can, or just the minimum amount due. More

Find the best credit card for you: 


  The true cost of paying the minimum
What is your credit card balance? (no commas) $
What is the interest rate on your credit card? *
How is your minimum payment calculated?
Your minimum payment: $
What fixed payment could you make each month? $
Select a payment schedule based on:
 
 

The minimum payment on credit card debt is calculated as a percentage of your current balance. The minimum payment drops as your balance is paid, but thanks to the magic of compounding, you'll end up paying for a long, long time.

Check out how much interest you'll shell out over the life of the debt by using our calculator. Enter the information below to see the difference in time and money your payment can make!

Find the best interest rates in your area for more personalized results.


Credit Cards
Compare weekly rates
WEEKLY AVERAGES
Type Fixed Variable
Standard 13.42% 11.57%
Gold 11.73% 10.31%
Platinum 10.55% 11.60%
All 11.88% 11.34%

- advertisement -

- advertisement -

Unless otherwise stated, all dollar figures are in US dollars.
- advertisement -

To Advertise | Investor Relations | About Us | Press/Broadcast | Online Media Kit | Privacy | Partnership opportunities | Contact us | Bankrate US | Bankrate Canada
Bankrate.com®
11760 U.S. Highway 1
Suite 500
North Palm Beach, FL  33408
Telephone: 561-630-2400 ~ Fax: 561-625-4540
Copyright © 2008 Bankrate, Inc.
All rights reserved. Terms of use