The minimum payment on a $5,000 credit card balance is $50, plus any fees, interest, and past-due amounts, if applicable. If you were late making a payment for the previous billing period, the credit card company may also add a late fee on top of your standard minimum payment. The exact formula your credit card’s issuer uses to calculate minimum payments is available in the card’s terms and conditions.
Minimum Payment on a $5,000 Credit Card Balance by Issuer
Note: Amounts above do not include interest and fees, which may be applied.
Key Things to Know About Credit Card Minimum Payments
- The minimum payment is the smallest amount you’re required to pay by the due date for your account to be in good standing.
- Late or missed payments will not only raise your minimum payment amount, but they can also cause significant damage to your credit score.
- Your minimum payment will be listed on your monthly credit card statement and online account summary.
- Credit card issuers are required by law to publish a chart on your credit card statement that projects how long it will take you to pay off your credit card balance just by making the minimum payment, and how much that will cost you in interest charges.
Paying off a credit card balance by only making the minimum payment required can be quite expensive. To see for yourself, try WalletHub’s credit card minimum payment calculator.
This answer was first published on 10/19/21 and it was last updated on 10/25/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Apply the percentage to your current credit card balance and then add your fees and past-due amounts. First, you'll owe 2% on the balance of $5,000, then you'll add $120 past due and $80 in late fees. That would make your minimum payment $300.
How much is the monthly payment on a $5000 credit card? ›
For example, if you have a $5,000 balance on a credit card charging 19.99% interest, your minimum monthly payment will probably be $150. If you make only the minimum payment on your credit card, it will take you more than four years to pay off the balance, and during that time you'll pay $2,357 in interest.
What is the minimum payment on a credit card with a $2000 balance? ›
Minimum Payment on a $2,000 Credit Card Balance by Issuer
| Issuer | Standard Minimum Payment |
|---|
| American Express | $35 |
| Bank of America | $35 |
| Barclays | $25-29 |
| Capital One | $25 |
6 more rowsOct 19, 2021
Check your monthly statement to find your minimum payment and the due date. Card issuers are required to provide this document to you – either by mail or posted to your online account – at least 21 days before the payment is due.
How much of a $5,000 credit limit should I use? ›
This means you should take care not to spend more than 30% of your available credit at any given time. For instance, let's say you had a $5,000 monthly credit limit on your credit card. According to the 30% rule, you'd want to be sure you didn't spend more than $1,500 per month, or 30%.
How much would a $5000 loan cost per month? ›
What is the monthly payment on a $5,000 personal loan?
| Payoff period | APR | Monthly payment |
|---|
| 1 year | 15% | $451 |
| 2 years | 15% | $242 |
| 3 years | 15% | $173 |
| 4 years | 15% | $139 |
3 more rows1% of the balance plus interest: You would pay off $5,000 in 285 months. That means it would take nearly 24 years to eliminate your $5,000 balance if you only make minimum payments. During that time, you'll pay a total of $9,332.25 in interest for a total payoff cost of $14,332.25.
Is 5k credit card debt a lot? ›
In fact, nearly 25% of U.S. consumers owe more than $5,000 on their credit cards, according to a recent survey by First Tech Federal Credit Union. If that's the boat you're in, you may be eager to pay down that debt. And here are three options to look at in that regard.
What is the minimum credit card payment on $10000? ›
If you only make minimum payments, a $10,000 credit card balance will cost you $16,056.59 in interest and take 346 months to pay off. Minimum payments on a $10,000 balance would start at $267 and decrease as you paid down what you owe.
How much is a minimum payment on a $3000 credit card? ›
The minimum payment on a $3,000 credit card balance is at least $30, plus any fees, interest, and past-due amounts, if applicable. If you were late making a payment for the previous billing period, the credit card company may also add a late fee on top of your standard minimum payment.
Credit card issuers typically require you to pay a certain percentage of your statement balance as the minimum payment, often around 2-3% of the statement balance or a specific minimum amount, whichever is greater. Failing to meet this minimum payment can result in late fees and negatively impact your credit score.
What is capital one minimum payment? ›
The Capital One minimum payment for most credit cards is either $25 or 1% of your statement balance plus any interest and late fees, whichever is greater.
How much is the monthly payment on a 5000 credit card? ›
To pay off $5,000 in credit card debt within 36 months, you will need to pay $181 per month, assuming an APR of 18%. You would incur $1,519 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.
What is current minimum payment due in credit card? ›
The minimum amount due is usually set at 5% of the total outstanding balance, which is calculated on the date the statement is generated by most credit card issuers. This is the amount that you are required to pay before or on the due date of the payment.
What happens if you only pay the minimum on your credit card? ›
Interest charges add up: Typically, credit companies will charge you high interest rates on unpaid balances. If you only pay the minimum each month, the interest charges can snowball. The additional interest and any other fees are added on to your balance and can increase a lot over time.
What is the minimum payment on 10000 credit card debt? ›
If you only make minimum payments, a $10,000 credit card balance will cost you $16,056.59 in interest and take 346 months to pay off. Minimum payments on a $10,000 balance would start at $267 and decrease as you paid down what you owe.
What does $5000 minimum credit line mean? ›
If your credit card has a limit of $5,000, for example, it means you can carry a balance of up to $5,000 on your credit card. Your credit card limit includes both new purchases and balance transfers — as well as any other transactions that draw against your line of credit, such as cash advances.
