Is There a Way To Calculate My Minimum Monthly Payment? | CreditShout

Is There a Way To Calculate My Minimum Monthly Payment?

By Kevin / November 16, 2010
how credit card minimum payments are calculated

THIS PAGE MAY CONTAIN AFFILIATE LINKS. MEANING WE RECEIVE COMMISSIONS FOR PURCHASES MADE THROUGH THOSE LINKS, AT NO COST TO YOU. PLEASE READ OUR DISCLOSURE FOR MORE INFO.

Credit Shout may collect a share of sales or other compensation from the links on this page.

Q: Does my minimum monthly payment come from an actual mathematical formula, or does the credit card company just come up with it out of thin air? Is there a way I can calculate this number for myself so that I can budget ahead of time?

A: The answers to the questions posed above are no, they don’t just randomly assign a minimum monthly minimum payment figure, and yes, you can get a pretty fair estimate of what your monthly minimum payment will be. How minimum monthly payment amounts are calculated differs from card to card. You can learn more about the different methods in this article.

The easiest way to estimate your minimum monthly payment is to use the calculator on our sister site, CreditForums.com.

The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone. Additionally, the opinions of the commenters are not necessarily the opinions of this site

Leave a comment:


shares