The Minimum Payment Trap: How Long Each Big Issuer's Minimum Takes (2026 Study)
Updated · Published · By Ali Ahmad, Founder
Paying only the minimum on a $5,000 balance at 22.15% APR (the Fed's Q2 2026 average, used for this study) takes 15 to 20 years and costs $7,474 to $11,529 in interest, depending on which issuer's formula your card uses. Discover's formula is the slowest: 20 years and $11,529. Keeping your payment at your first month's minimum, instead of letting it shrink, cuts payoff to under 5 years and saves more than $4,300.
Every card statement shows a minimum payment, and every major issuer calculates it differently. We ran the published formulas from Chase, Citi, Capital One, Discover and American Express through the same balance and APR to see how long a minimum-only payer stays in debt, and what it costs. The numbers below are free to use; please link to this page as the source.
How Long Minimum Payments Take, by Issuer
| Issuer formula | First minimum | Time to pay off | Years | Total interest |
|---|---|---|---|---|
| Citi | $142.29 | 15 years, 1 month | 15.1 years | $7,474 |
| Chase | $142.29 | 15 years, 4 months | 15.3 years | $7,516 |
| Amex | $142.29 | 15 years, 4 months | 15.3 years | $7,516 |
| Capital One | $142.29 | 19 years, 3 months | 19.3 years | $8,159 |
| Discover | $112.29 | 20 years | 20.0 years | $11,529 |
Key Findings
- The lowest minimum costs the most. Discover's formula asks for $30 less in the first month than the others, and that costs about $3,400 to $4,100 more in interest over the life of the balance.
- The dollar floor sets how long the tail lasts. Chase, Citi and Capital One use the same "interest plus 1% of the balance" formula. Capital One's lower $25 floor (Chase's is $40, Citi's $41) lets payments shrink further at the end, adding about 4 years.
- Minimum-only payers pay back about $2.50 for every $1 borrowed. With the Chase, Citi or Amex formula you repay about $12,500 on a $5,000 balance; with Discover's, about $16,500.
- Freezing the payment changes everything. Keeping the first month's $142.29 instead of letting it fall clears the balance in 4 years and 10 months for $3,137 in interest.
Results for Other Balances
| Issuer formula | $1,000 | $2,000 | $10,000 |
|---|---|---|---|
| Chase | 2 yrs 10 mos / $354 | 7 yrs 9 mos / $1,979 | 21 yrs 1 mo / $16,746 |
| Citi | 2 yrs 9 mos / $341 | 7 yrs 6 mos / $1,936 | 20 yrs 10 mos / $16,703 |
| Capital One | 5 yrs 11 mos / $775 | 11 yrs 8 mos / $2,621 | 25 yrs / $17,388 |
| Discover | 3 yrs 4 mos / $417 | 7 yrs 6 mos / $1,810 | 40 yrs 10 mos / $46,184 |
| Amex | 2 yrs 10 mos / $354 | 7 yrs 9 mos / $1,979 | 21 yrs 1 mo / $16,746 |
On small balances the dollar floor does most of the work, so the issuers with $40 floors finish fastest. On large balances Discover's $20-plus-interest formula falls furthest behind: on $10,000 it takes more than 40 years and costs over $46,000 in interest.
The Fix: Freeze Your First Minimum
Minimums shrink as your balance falls, which is why minimum-only payoff takes so long. If you keep paying the amount of your first minimum every month, the whole difference goes to principal.
| Plan | Time to pay off | Total interest |
|---|---|---|
| Chase minimum, recalculated monthly | 15 years, 4 months | $7,516 |
| Fixed $142.29 a month (Chase, Citi, Capital One or Amex first minimum) | 4 years, 10 months | $3,137 |
| Discover minimum, recalculated monthly | 20 years | $11,529 |
| Fixed $112.29 a month (Discover first minimum) | 7 years, 11 months | $5,593 |
To try other amounts, use the Minimum Payment Calculator (it has a preset for each issuer) or find the payment that clears your card by a set date with the Credit Card Payoff Calculator.
The Formulas We Used
| Issuer | Minimum payment is the greater of |
|---|---|
| Chase | $40, or 1% of the balance plus interest |
| Citi | $41, or 1% of the balance plus interest |
| Capital One | $25, or 1% of the balance plus interest |
| Discover | $35, 2% of the balance, or $20 plus interest |
| American Express | $40, 2% of the balance, or 1% of the balance plus interest |
Links to each issuer's cardmember agreement are on the Minimum Payment Calculator page. Your card may use a different formula; your statement shows your exact minimum.
Methodology
- Rate: 22.15% APR, the Federal Reserve's Q2 2026 average for credit card accounts assessed interest (G.19, September 8, 2026).
- Interest: APR ÷ 12 on the balance at the start of each month, the same disclosed model our calculators use. Issuers charge daily interest on the average daily balance, so real figures can differ slightly.
- Payments: the minimum is recalculated each month from the current balance using each issuer's formula, and the last payment clears the remaining balance.
- Assumptions: no new purchases, fees, late payments or rate changes. Any of these make payoff longer.
For the background on why minimums are set low, read how long it takes to pay off a credit card with minimum payments and how minimum payments are calculated.
Use This Data
Journalists, bloggers and educators are welcome to use these figures and charts. Please credit CalcMyCard and link to this page. Download the full data (CSV).
This article is for general educational purposes and is not financial advice. Rates and figures cited reflect industry data available at the time of writing and can change.
Sources
- Consumer Credit – G.19 (credit card interest rates, Q3 2026) — Federal Reserve Board. Checked October 25, 2026.
- Regulation Z § 1026.7(b)(12) – minimum payment warning on statements — Consumer Financial Protection Bureau. Checked September 25, 2026.