How to use the Credit Card Repayment Calculator
- 1 Enter your card balance.
- 2 Enter the card's APR.
- 3 Enter the fixed amount you can pay each month.
- 4 Enter the card's minimum payment floor and compare.
Worked example
A £3,000 balance on a card at 24.9% APR. Paying a fixed £150 a month clears it in 26 months with about £793 of interest. Paying only the minimum takes about 15 years and costs over £4,500 in interest, so the fixed payment saves about £3,740.
Features
Payoff time
Months and years to clear the balance.
Minimum payment trap
Shows how long minimum payments take.
Interest saved
Difference between fixed and minimum payments.
Warning
Flags payments too small to cover interest.
When to use it
Clearing debt
Set a realistic monthly target.
Balance transfers
Compare the cost with a 0% card.
Budgeting
See the effect of an extra £50 a month.
Persistent debt
Plan to clear a balance before lender action.
Frequently asked questions
How are credit card minimum payments worked out?
Usually 1% of the balance plus interest and any fees, or a fixed minimum such as £25 if that is more. Check your statement for your card's rule.
Why does paying the minimum take so long?
Most of the payment covers interest, and as the balance falls the minimum payment falls too, so the debt takes years to clear.
What is persistent debt?
Under FCA rules, if you have paid more in interest and charges than off the balance over 18 months, your card provider must contact you and help you pay it off faster.
How is credit card interest charged?
Interest is charged monthly on the balance. Paying the full statement balance by the due date usually means no interest on purchases.
Should I use a balance transfer card?
A 0% balance transfer can save a lot of interest. You usually pay a transfer fee of 2% to 4%, and must clear the debt before the 0% period ends.
Does paying more improve my credit score?
Lower balances relative to your credit limit can help your score over time, and on-time payments always help.
Should I pay off cards or save?
Card interest is usually much higher than savings interest, so clearing cards first usually saves more, after keeping a small emergency fund.
What if I cannot pay?
Contact your card provider early and get free help from a debt advice service such as StepChange, National Debtline or Citizens Advice.
What is cash advance interest?
Cash withdrawals often have a higher rate, a fee, and interest from the day you take the money.
Does this include fees?
No. It assumes no new spending, fees or rate changes.
Results are estimates based on the official rates linked above. Confirm important figures with the issuing authority or a qualified adviser before you act on them.
Reviewed by ToolsUnlocked Team · Last updated