Credit card repayment calculator

Find out how long it will take to clear your credit card at the amount you pay each month, or how much you need to pay to clear it by a date you choose.

Why minimum payments take so long

A minimum payment is set so it only just covers the interest plus a small part of what you owe. As your balance falls, the minimum falls too, so the debt shrinks more and more slowly.

Example

A £3,000 balance at 24.9% APR costs £62.25 in interest in the first month. Paying a fixed £100 a month clears it in 4 years, with £1,743.66 of interest. Paying only the example minimum (interest plus 1%, at least £25) takes over 15 years and costs £5,092.41 in interest, far more than the original balance. To clear it in 2 years instead, you would need to pay £159.96 a month.

Ways to pay less interest

Pay a fixed amount each month instead of the minimum, and keep paying the same even as the balance falls.
Look at a 0% balance transfer card. Moving the balance to a 0% deal means more of each payment clears the debt. There is usually a transfer fee.
Clear the most expensive card first if you have more than one, while paying the minimum on the others.

Frequently asked questions

How is credit card interest worked out?

Card providers usually charge interest daily on your balance and add it once a month. This calculator uses the APR divided by 12 each month, which gives a close estimate.

What if I am struggling to pay?

Contact your card provider as soon as you can. Free, confidential debt advice is also available from MoneyHelper, StepChange and Citizens Advice.

Assumes you make no new purchases and pay no fees. Estimates for guidance only.