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See What Your Credit Card Balance Is Actually Costing You

Adjust the numbers below to see your minimum payment, what it costs to clear it this month, and what happens if you only pay the minimum.

Credit Card Details
Pay Your Balance Full This Month
The smart move — clear it and pay zero future interest.
Amount Due
$
Interest paid$0.00
You save$
Paying Less than the Full Balance
What'it actually costs to carry this balance long-term
Amount Due
$
Minimum payment$5% of balance
Interest this Month$at %/month
Any unpaid balance is still charged the full month's interest.
Below minimum payment — your account may incur a late fee!
This calculator is for illustrative purposes only.The 5% minimum payment are estimates based on typical Jamaican credit card terms. Actual rates and minimums vary by card issuer. The Loan Minister is not a direct lender.
Credit Card 101

Terms You Should Know

Understanding these terms will help you avoid unnecessary fees and make smarter decisions.

Statement Date

The date your card is billed showing the outstanding amount and when payment is due.

Due Date

The date your payment must be made by to avoid late fees.

Late Fee

A flat fee charged if payment is not made on or before the due date.

Over Limit Fee

A flat fee charged instantly when your balance exceeds your credit limit.

Interest

Calculated daily on your balance and charged if the card is not paid in full.

The Two Sides of Credit Cards

Used right, credit cards work for you. Used wrong, they cost you.

Benefits
  • Earn travel points and rewards on purchases
  • Cash back on everyday spending
  • Shopping discounts and reward points
  • Safer to travel with than carrying cash
  • Up to 55 days to repay without interest
  • Priority access and exclusive perks
  • Easy to shut down instantly if stolen
  • Secure online shopping worldwide
  • Ideal for emergencies or unplanned expenses
Watch Our For
  • Interest is charged monthly if balance is not paid in full
  • Late payment fees if you miss the due date
  • Over limit fees if you exceed your credit limit
Pro Tip
Pay your card in full and reuse it immediately to avoid interest completely.

Ready to Master Your Credit Card?

Let us help you understand your cards, build better habits, and make your credit work for you instead of against you.
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