Credit card repayment calculator
See how long your credit card takes to clear on minimum payments, how much interest that costs, and how much sooner a fixed monthly payment clears it. For any balance and APR.
Minimum payments only
- Time to clear
- 28 years 5 months
- Interest
- £5,395
- Total paid
- £8,395
Paying £86 a month
- Time to clear
- 4 years 10 months
- Interest
- £1,904
- Total paid
- £4,904
Paying £86 a month saves £3,491 in interest and clears it 23 years 7 months sooner.
- First minimum payment
- £86.10
- £56.10 of it is interest
- To clear it in 3 years
- £115.26
- a month
Show the figures for each year
| Year | Minimum that month | Balance, minimum only | Balance, £86 a month |
|---|---|---|---|
| 1 | £77.09 | £2,659 | £2,602 |
| 2 | £68.33 | £2,357 | £2,105 |
| 3 | £60.57 | £2,089 | £1,484 |
| 4 | £53.69 | £1,852 | £708 |
| 5 | £47.59 | £1,641 | £0 |
| 6 | £42.18 | £1,455 | £0 |
| 7 | £37.39 | £1,290 | £0 |
| 8 | £33.14 | £1,143 | £0 |
| 9 | £29.37 | £1,013 | £0 |
| 10 | £26.04 | £898 | £0 |
| 11 | £23.08 | £796 | £0 |
| 12 | £20.46 | £706 | £0 |
| 13 | £18.14 | £625 | £0 |
| 14 | £16.07 | £554 | £0 |
| 15 | £14.24 | £491 | £0 |
| 16 | £12.63 | £436 | £0 |
| 17 | £11.19 | £386 | £0 |
| 18 | £9.93 | £342 | £0 |
| 19 | £8.79 | £303 | £0 |
| 20 | £7.80 | £269 | £0 |
| 21 | £6.91 | £238 | £0 |
| 22 | £6.12 | £211 | £0 |
| 23 | £5.43 | £187 | £0 |
| 24 | £5 | £166 | £0 |
| 25 | £5 | £140 | £0 |
| 26 | £5 | £108 | £0 |
| 27 | £5 | £69 | £0 |
| 28 | £5 | £20 | £0 |
| 29 | Paid off | £0 | £0 |
Interest is worked out from the APR the way UK cards quote it, so 24.9% a year is 1.87% a month. Each month's interest is added before the payment. The minimum is that month's interest plus 1% of the balance, or £5 if that's more, which is how most UK cards work out the minimum; check your statement for your card's own rule. The figures assume no new spending, fees, missed payments or rate changes, and round to the penny each month.
What you need from your statement
Your balance, your card’s APR and your minimum payment are all on your statement. Put the first two into the calculator, then try what you could pay each month. A good starting point is your first minimum payment, kept the same every month.
Why minimum payments take so long
On most UK cards the minimum is that month’s interest plus 1% of what you owe. At 24.9% a year, the first bill on £3,000 is £86.10, and £56.10 of it is interest, so only £30 comes off the balance. As the balance falls, so does the minimum: £77 after a year, £48 after 5 years and £26 after 10. For the last few years you’d pay about £5 a month.
Keep paying £86 every month instead and it’s gone in 4 years 10 months, with about £1,904 of interest rather than £5,395. The easiest way is to change your Direct Debit from the minimum to a fixed amount.
In practice the UK persistent debt rules step in long before 28 years. The guide explains those letters, 0% balance transfers and how US minimums differ, and lists free debt help if you’re struggling.