Your credit card
Find out how your card’s minimum monthly payment is worked out, what it comes to this month, and how long paying only the minimum would take to clear the card.
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Assumes nothing new goes on the card, the rate stays the same and no fees are charged. Paying late usually means a fee, and can end a 0% deal.
Paying only the minimum
Paying only the minimum, the card takes 15 years to clear and costs £4,533 in interest. Keeping this month’s £86.10 as a fixed payment clears it in 4 years 9 months, for £1,900.
Year by year, paying only the minimum
| Year | Minimum at the start | Paid in the year | Interest | Still owed |
|---|---|---|---|---|
| Year 1 | £86.10 | £978 | £637 | £2,659 |
| Year 2 | £76.32 | £867 | £565 | £2,357 |
| Year 3 | £67.65 | £769 | £501 | £2,089 |
| Year 4 | £59.96 | £681 | £444 | £1,852 |
| Year 5 | £53.15 | £604 | £393 | £1,641 |
| Year 6 | £47.11 | £535 | £349 | £1,455 |
| Year 7 | £41.76 | £474 | £309 | £1,290 |
| Year 8 | £37.02 | £421 | £274 | £1,143 |
| Year 9 | £32.81 | £373 | £243 | £1,013 |
| Year 10 | £29.08 | £330 | £215 | £898 |
| Year 11 | £25.78 | £302 | £190 | £787 |
| Year 12 | £25.00 | £300 | £163 | £650 |
| Year 13 | £25.00 | £300 | £129 | £479 |
| Year 14 | £25.00 | £300 | £86 | £266 |
| Year 15 | £25.00 | £299 | £33 | £0 |
Paying more than the minimum
| Each month | Paid off in | Interest | Saved |
|---|---|---|---|
| The minimum (falls each month) | 15 years | £4,533 | — |
| £86.10, this month’s minimum, fixed | 4 years 9 months | £1,900 | £2,633 |
| £111.10 (+£25) | 3 years 2 months | £1,216 | £3,317 |
| £136.10 (+£50) | 2 years 5 months | £904 | £3,629 |
| £186.10 (+£100) | 1 year 8 months | £604 | £3,929 |
A fixed payment doesn’t fall as the balance does, so more of it comes off what you owe each month. Moving the balance to a 0% balance transferCompare moving the balance to a 0% deal with keeping it where it is, fee and all. Open in Balance Transfer Calculator. stops the interest for a while too.
Using this calculator
Choose your card provider, then enter the balance and interest rate from your statement. You’ll see your minimum repayment for this month, how it’s made up, and how long paying only the minimum would take, against paying a fixed amount.
- The box under your provider shows its published rule, the page it comes from and the day we checked it. Your statement shows your actual minimum, which is the one to pay.
- Some providers set the percentage card by card: enter yours from your card terms.
- If your provider isn’t listed, or doesn’t publish its rule, choose “Not listed, or not sure” and enter the rule from your statement’s summary box.
- The figures assume you don’t spend any more on the card, the rate stays the same and no fees are charged.
Every provider’s rule, side by side, is in credit card minimum payments by provider. For why the minimum takes so long, and the rules on persistent debt, read credit card minimum payments, explained.
How the figures are worked out
Each month, interest is charged at the monthly rate: from an APR, the rate that adds up to the APR over a year, 1.87% a month at 24.9% APR; from a yearly rate (p.a.), that rate divided by 12. Then the minimum is worked out on the provider’s rule: the highest of its parts, such as a set amount, a percentage of the balance, or the month’s interest plus a percentage, and never more than you owe. The minimum is paid, and the next month starts from the lower balance, which is why the minimum falls each month and paying only the minimum takes so long. A balance the minimum never clears is shown as never paid off. Card providers charge interest daily and may add fees, so a real statement differs by a few pence or more.