UK Credit Card PayoffCalculator
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UK Credit Card Payoff Calculator

Your credit card

See how long it takes to clear a credit card, the interest you’ll pay, and what paying only the minimum would cost.

What you owe
£
On your latest statement.
%

The purchase rate, or the rate on the part you’re paying off. Your statement shows the APR and the yearly rate (p.a.): pick which one you’ve entered.

What you’ll pay
£
What you’ll pay each month. This month’s minimum is £86.10, and the interest £56.10.
Your card’s minimum payment
%
£

Your statement or card terms say how your minimum is worked out. A common rule is a small share of the balance plus the month’s interest, or a set amount such as £5 or £25 if that’s more. Check your card provider’s ruleSee how your card’s minimum is worked out, provider by provider. Open in Credit Card Minimum Payment Calculator., or read every provider’s rule in our guide.

A 0% deal
months
On a balance transferCompare moving the balance to a 0% deal with keeping it where it is, fee and all. Open in Balance Transfer Calculator. or 0% purchase deal, how long until interest starts. The rate above applies after that.

Results update as you type

Your results

Paid off inOnce it’s paid off, see what saving the same each month could grow to. Open in Compound Interest Calculator.
2 years 2 months
Your last payment in October 2028
Interest you’ll pay
£793
£3,793 paid in total
Interest this monthSee it by the day and over a year, and how much of each payment comes off what you owe. Open in Credit Card Interest Calculator.
£56.10
1.87% a month on £3,000
This month’s minimumLook up how your card provider works out its minimum, and how long paying only the minimum takes. Open in Credit Card Minimum Payment Calculator.
£86.10
On the card’s minimum payment rule
Total you’ll pay
£3,793
On a balance of £3,000
Each £1 owed costs
£1.26
Paid back for each £1 owed

Assumes nothing new goes on the card and the rate stays the same. Paying on time matters too: a missed payment usually means a fee, and can end a 0% deal.

Paying only the minimum

Paying the minimum
15 years
£4,533 interest
Pays less
Paying £150 a month
2 years 2 months
£793 interest

Paying only the minimum, you’d clear it in 15 years and pay £4,533 in interest: £3,740 more than paying £150 a month, and 12 years 10 months longer.

What you owe over time, paying your amount and paying the minimumLine chart of the balance owed over time. Paying £150 a month, it falls from £3,000 to nothing in 2 years 2 months. Paying the minimum, it takes 15 years.£0£750£1,500£2,250£3,000NowYr 3Yr 6Yr 9Yr 12Yr 15
Paying £150 a monthPaying the minimum

Paying a little more

Each monthPaid off inInterestSaved
£150 (yours)2 years 2 months£793—
£175 (+£25)1 year 9 months£651£142
£200 (+£50)1 year 6 months£554£239
£250 (+£100)1 year 2 months£429£363

An extra few pounds a month comes straight off what you owe, so less interest is charged every month after.

Using this calculator

Enter the balance on your card, its interest rate (the APR or the yearly rate on your statement) and what you plan to pay each month. The results show how long it takes to clear, the interest you’ll pay, and the same for paying only the minimum.

  • Open “Your card’s minimum payment” and set your card’s own rule if you know it: it’s on your statement or in your card terms.
  • On a 0% balance transfer or purchase deal, open “A 0% deal” and enter the months left before interest starts.
  • If your payment is less than the minimum, the figures use the minimum, because a card won’t take less.
  • The figures assume you don’t spend any more on the card, and that the rate stays the same.

For why minimum payments take so long, and ways to clear a card faster, read credit card minimum payments, explained.

Related calculators: your card provider’s minimum payment, the interest on your card, month by month, whether a 0% balance transfer is worth it, the payment that clears it by a date, clearing several cards at once, saving the same amount once the card is clear, your take-home pay, whether overpaying a student loan is worth it and overpaying a mortgage.

How the figures are worked out

The balance is worked out month by month. Each month, interest is charged at the monthly rate that adds up to the APR over a year, which is 1.87% a month at 24.9% APR, and nothing during a 0% deal. Then the payment comes off: yours, or the card’s minimum if that’s more. The minimum is your card’s rule as you’ve set it, recalculated each month as the balance falls, which is why paying only the minimum takes so long. Card providers charge interest daily, so a real statement can differ by a few pence. Fees aren’t included. If you enter a yearly rate (p.a.) instead of an APR, interest each month is that rate divided by 12, which is the same as using the APR behind it (22.44% p.a. is 24.9% APR).

Frequently asked questions

How long will it take to pay off my credit card?

It depends on the balance, the interest rate and what you pay each month. £3,000 at 24.9% APR takes 2 years 2 months to clear at £150 a month, with £793 of interest. Paying only a minimum of 1% plus interest (or £25) it takes 15 years, with £4,533 of interest. Enter your own figures above to see yours.

Why does paying only the minimum take so long?

Because the minimum falls as the balance falls. Most of each minimum payment is interest, so only a little comes off what you owe, and next month’s minimum is a little smaller again. The balance shrinks more and more slowly, which is why a few thousand pounds can take more than ten years to clear. Paying a fixed amount each month instead, even one close to today’s minimum, cuts the time and the interest a long way.

How is the minimum payment worked out?

Each card provider sets its own rule, and it’s on your statement or in your card terms. It’s usually a small percentage of the balance, often with that month’s interest added on, or a set amount such as £5 or £25 if that’s more. Open “Your card’s minimum payment” in the calculator to match your card’s rule.

How is credit card interest charged?

Interest is charged on the balance you carry from month to month, at the rate shown as the APR. Providers work it out daily and add it to your statement each month. If you pay the full balance by the due date, you usually pay no interest on purchases. Cash withdrawals and balance transfers often have their own rates and fees.

What is persistent credit card debt?

Under the Financial Conduct Authority’s rules, you’re in persistent debt if over 18 months you’ve paid more in interest, fees and charges than you’ve repaid of what you borrowed. Your card provider then has to contact you to suggest paying more if you can. If it carries on for another 18 months, it has to offer ways to pay the balance off in a reasonable time, usually three to four years, and may suspend the card.

Is a 0% balance transfer worth it?

It can be, if you clear the balance, or most of it, before the 0% ends. A transfer usually costs a one-off fee of a few percent of the balance, so compare that fee with the interest you’d save, and check the rate that applies once the deal ends. Missing a payment can end the 0% early. Enter the months at 0% under “A 0% deal” to see what it does to your figures, or compare moving your balance with staying put, fee and all, in the balance transfer calculator.

Should I pay off my credit card or save?

Card interest is usually far higher than any savings rate, so paying off the card normally comes first. Keep a small emergency fund so an unexpected bill doesn’t go back on the card. Once the card is clear, the same monthly amount could go into savings instead.

Where can I get free help with debt?

Free, confidential debt advice is available from MoneyHelper, StepChange, National Debtline and Citizens Advice. They can help you work out a budget, talk to the people you owe and find a way to repay. Avoid companies that charge for debt help: the free services give the same advice.