1. What is the Maybank Credit Card Minimum Payment Calculator?

This calculator estimates how long it will take to pay off your Maybank credit card debt if you only make the minimum payments each month. It considers your balance, the minimum payment percentage, and the card's interest rate.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• \( P \) — Principal balance (MYR)
• \( MP \) — Minimum payment (as percentage of balance)
• \( R \) — Monthly interest rate (APR / 12)
• \( T \) — Time to pay off (months)

Explanation: The formula calculates how many months it would take to pay off the debt making only minimum payments, accounting for compound interest.

3. Importance of Minimum Payment Calculation

Details: Understanding how long minimum payments take helps consumers realize the true cost of carrying credit card debt and the benefits of paying more than the minimum.

4. Using the Calculator

Tips: Enter your current credit card balance, the minimum payment percentage (typically 5% for Maybank), and your card's annual interest rate (APR). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is Maybank's typical minimum payment percentage?
A: Maybank usually requires a minimum payment of 5% of your outstanding balance or RM50, whichever is higher.

Q2: Why does it take so long to pay off with minimum payments?
A: Most of your minimum payment goes toward interest rather than principal, especially in the early stages of repayment.

Q3: How can I pay off my credit card faster?
A: Pay more than the minimum each month, make bi-weekly payments, or consider a balance transfer to a lower-interest card.

Q4: Does this calculator account for additional charges?
A: No, it assumes no additional purchases or fees are added to the card during repayment.

Q5: Is the minimum payment the same as the statement balance?
A: No, the statement balance is your total owed, while the minimum payment is the smallest amount you can pay to avoid late fees.