Last updated 28 August 2026
Why minimum payments take so long
A minimum payment is usually set at a small percentage of what you owe, so it shrinks as the balance shrinks — which is exactly why the balance stops shrinking. Most of an early payment goes to interest rather than the debt itself, and on a card charging over 20% a year that split can stay lopsided for a long time. The gap this calculator makes visible is the useful one: paying a fixed amount instead of the shrinking minimum, or adding even a small extra each month, often cuts years off the timeline and saves more in interest than most people expect.
Common questions
How is the payoff time worked out?
Interest is applied monthly at the APR divided by twelve, then your payment is subtracted from the balance. That repeats until the balance reaches zero. It assumes a fixed rate, a fixed payment, and no new purchases on the card.
What if my payment is too small to clear the card?
If the monthly payment is less than the interest charged that month, the balance grows instead of shrinking and the card never clears. The calculator tells you when that's the case rather than showing an impossible number.
Should I pay the minimum or a fixed amount?
A fixed amount almost always clears the card faster. The minimum is calculated as a percentage of the balance, so it falls as you pay down — keeping your payment steady means more of it goes to the debt every month rather than to interest.
Is my information stored anywhere?
No. The calculation runs entirely in your browser and nothing is uploaded or saved to a server.