Your credit card
Work out the interest on your card this month, each day and over the next year, and how much of each payment actually comes off what you owe.
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Your results
Pay the full statement balance by the due date and there’s usually no interest on purchases at all. Cash withdrawals are different: interest usually starts the day you take the money out.
The next 12 months
Where your payments go, paying £150 a month.
| Month | Interest | Off what you owe | Still owed |
|---|---|---|---|
| Month 1 | £56.10 | £93.90 | £2,906.10 |
| Month 2 | £54.35 | £95.65 | £2,810.45 |
| Month 3 | £52.56 | £97.44 | £2,713.01 |
| Month 4 | £50.74 | £99.26 | £2,613.75 |
| Month 5 | £48.88 | £101.12 | £2,512.63 |
| Month 6 | £46.99 | £103.01 | £2,409.62 |
| Month 7 | £45.06 | £104.94 | £2,304.68 |
| Month 8 | £43.10 | £106.90 | £2,197.78 |
| Month 9 | £41.10 | £108.90 | £2,088.88 |
| Month 10 | £39.06 | £110.94 | £1,977.94 |
| Month 11 | £36.99 | £113.01 | £1,864.93 |
| Month 12 | £34.88 | £115.12 | £1,749.81 |
The same balance at other rates
| APR | This month | Over a year | Against yours |
|---|---|---|---|
| 0%See whether moving the balance to a 0% deal is worth the fee. Open in Balance Transfer Calculator. | £0.00 | £0 | £550 less |
| 9.9% | £23.69 | £217 | £333 less |
| 14.9% | £34.92 | £327 | £223 less |
| 19.9% | £45.72 | £438 | £112 less |
| 24.9% (yours) | £56.10 | £550 | — |
| 29.9% | £66.12 | £662 | £112 more |
| 34.9% | £75.78 | £775 | £225 more |
The interest on £3,000, paying £150 a month at each rate. A lower rate leaves more of every payment to come off what you owe.
Using this calculator
Enter the balance on your card, its interest rate and what you plan to pay each month. The results show this month’s interest, the interest over the next year, and how much of each payment comes off what you owe.
- Your statement shows two rates: the APR, and a yearly rate (p.a.) that interest is actually charged at. Enter either, and say which one it is.
- If parts of your balance have different rates, such as purchases and a balance transfer, work each part out separately.
- The figures assume nothing new goes on the card, and that the rate stays the same.
- Paying the full balance by the due date usually means no interest on purchases, so there’s nothing to work out.
For how the rates work, the interest-free period and why cash costs more, read how credit card interest is worked out.
How the figures are worked out
Interest is charged once a month, at the monthly rate. From an APR, that’s the rate that adds up to the APR over a year once each month’s interest is charged interest in turn: 1.87% a month at 24.9% APR. From a yearly rate (p.a.), it’s that rate divided by 12. The daily figure is the yearly rate divided by 365, which is how card providers usually work interest out each day. Over the next year, each month’s interest is added and your payment comes off, so the balance, and the interest on it, falls month by month. Real statements differ by a few pence, because providers count the exact days in each statement period. Fees, new spending and the card’s minimum payment aren’t included.