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Formula & explanation
Credit Card Calculator uses the following calculation:
This is a simplified model intended for planning and education. Real-world offers from lenders, institutions, or tax authorities may include additional fees, rules, or adjustments not reflected here.
Frequently asked questions
Why do minimum payments take so long to clear a balance?
Because minimum payments are often calculated as a small percentage of the balance, most of each early payment goes to interest, not principal.
What's a faster way to pay off credit card debt?
Paying a fixed amount well above the minimum, or targeting extra payments at your highest-APR card first, both accelerate payoff significantly.
Does the minimum payment percentage change as the balance drops?
Often yes — many issuers calculate minimums as a percentage of the current balance, so the required payment shrinks as the balance does, extending payoff time.