Holding the payment at $82 saves $43,979 and 77 years, 9 months.
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Both timelines, minimum and fixed, in your inbox, so you can come back to them.
How it works
- Your card’s minimum is a percent of the balance, with a dollar floor.
- As the balance shrinks, so does the minimum, which is why it drags on.
- The fixed line pays this month’s minimum every month instead, and never shrinks.
- Interest is added monthly at your APR.
Why it takes so long
A shrinking minimum pays mostly interest. Holding the payment where it is today puts more toward the balance every month.
hold the payment steady. that’s the trick.
Turn the answer into a plan
In pinchd, every payment lands in the paycheck that pays it, and you tick it off as you go. No bank login, ever.
Questions
How do card issuers set the minimum?
Usually a small percent of the balance plus interest, or a flat dollar amount, whichever is bigger. Your statement shows yours.
Why does paying the same amount help so much?
Because the minimum shrinks with the balance, more of each payment goes to interest. A fixed payment keeps chipping away at the balance itself.
How accurate is this?
It’s an estimate from the numbers you enter. Real statements and rates vary a little.
Is this calculator free?
Yes. No sign-up. It’s in the pinchd app too, where the answer fits into your actual paychecks.