Credit Card Minimum Payment Calculator

Minimum payment is paying a certain percentage of your credit card balance. According to BRSA regulations, the minimum payment rate is at least 20%. When only the minimum is paid, interest accrues on the remaining balance and payoff takes a very long time.

The minimum payment trap is the rapid growth of debt by only paying the minimum amount. Since high interest accrues on the remaining balance, the total amount paid can reach several times the original debt. Paying the full balance or a large portion is recommended when possible.

Credit card interest rates are determined according to the CBRT maximum interest rate ceiling. There are two types: contractual interest and late payment interest. Contractual interest applies when minimum payment is made; late payment interest applies when no payment is made.