To calculate a credit card payment, you need to determine the total spending made by the credit card holder in the given billing cycle of the credit card. Then, multiply that amount by the rate, which the bank decides as the minimum payment percentage. Compare the amount arrived in step 2 to the minimum fixed payment set up by the bank, and if it is less than that, then that amount shall be the minimum amount due, or else the bank decides the fixed payment. Another way to calculate is to divide the APR by 365 to get the daily periodic rate, then multiply that number by the average daily balance, which is the total balance divided by the number of days in the billing cycle.
You can also use a debt repayment calculator to get a sense of your payment based on your balance, interest rate, and expected monthly payment. Other factors that can affect the calculation include whether you have a grace period, the interest rate on your account, and how many days are in the statement cycle.
If you want to calculate your credit card payments using Excel, you can label cells down column A as follows: Interest rate, Number of periods, Present value, Future value and Payment. Enter the interest rate for your credit card balance in column B next to the "Interest rate" label.
