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How to Calculate Your Credit Card Minimum Payments on a Calculator

Updated February 21, 2017

Most banks calculate minimum credit card payments by taking a simple percentage of the total balance on the card, so finding the amount due means simply looking up what percentage is used to calculate your minimum payment in your credit card contract and plugging it into the calculator.

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  1. Punch in your current balance on your calculator.

  2. Press the multiplication button.

  3. Press the "." key, since percentages are always decimal values.

  4. Type in your minimum payment percentage using at least two digits. For example, 5 per cent would be:

  5. 0.05

  6. On the other hand, 10 per cent would be:

  7. 0.10

  8. Press the equals (=) sign. This will be your minimum payment.

  9. Tip

    Your creditor may instead use a "interest + 1 per cent" minimum payment calculation. To find this, you will need to work a little harder. First, find your interest for the month by entering your balance times your annual interest rate. Use the Annual Percentage Yield in your credit contract. Remember to put your annual interest rate inside a decimal. An example would be: 1000 (balance) x 0.22 (22 per cent interest) = £143 Now, find how much of that interest become due this month by dividing by 12. With this example, you would owe £11.90 in interest. Go through the steps above, using "0.01" (1 per cent) in step 4, but add the interest to your result to get your total minimum payment.


    No discussion on minimum payments is complete without pointing out that making only minimum payments costs far more in interest over the long run than paying the credit card off early.

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Things You'll Need

  • Calculator

About the Author

Kevin Walker is a computer programmer who decided to take a few years out from the corporate life and see the world. He spent a total of six years living abroad and teaching English in China, Korea and Mexico before returning to his home in Texas. He uses his programming and teaching experience to write easy-to-understand computer tutorials.

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