Your credit card
Choose when you want your card cleared, and see the monthly payment that does it, the interest it costs, and how a shorter or longer time compares.
Results update as you type
Your results
Spending more on the card, a change in its rate or a missed payment all move the date. A 0% balance transferSee whether moving the balance to a 0% deal is worth the fee. Open in Balance Transfer Calculator. can cut the payment for the same date.
Where your payments go
Where your £3,751 goes, clearing it in 2 years.
Other timescales
| Clear it in | Each month | Interest | Against yours |
|---|---|---|---|
| 6 months | £533.24 | £199 | £552 less |
| 1 year | £281.43 | £377 | £374 less |
| 1 year 6 months | £197.83 | £561 | £190 less |
| 2 years (yours) | £156.29 | £751 | — |
| 3 years | £115.26 | £1,149 | £398 more |
| 4 years | £95.24 | £1,571 | £820 more |
| 5 years | £83.62 | £2,016 | £1,265 more |
The payment that clears £3,000 in each time, and its interest. A shorter time costs more each month but less in all.
Using this calculator
Enter the balance on your card, its interest rate and how many months you want to clear it in. The results show the monthly payment that does it, the interest you’ll pay along the way, and the same for shorter and longer times.
- 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.
- The payment has to be at least your card’s minimum each month. Over a short time it nearly always is; over a long one, check it against your statement.
- The figures assume nothing new goes on the card, and that the rate stays the same.
- A direct debit for the amount makes the plan happen without you having to remember it.
For how to set a date that works and keep to it, read paying off a credit card by a set date.
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 payment is the one that brings the balance to nothing in the months you choose, worked out with the standard loan formula and rounded up to the penny. It’s then checked month by month, with each month’s interest to the penny; the last payment is whatever is left, so it can be a few pence less. Real statements differ by a few pence, because providers count the exact days in each statement period. Fees and new spending aren’t included.