Credit Card Repayment Calculator
Our credit card repayment calculator shows how long it takes to clear your balance at different monthly payment levels. Making only the minimum payment can take decades and cost many times the original balance in interest.
Credit Card Minimum Repayment Calculator
See how long it takes to clear your credit card balance making only minimum payments.
How to Use the Credit Card Repayment Calculator
Enter your current credit card balance and the APR from your most recent statement. The purchase APR is typically 20-25% for standard cards and higher for store cards or cards aimed at people rebuilding credit. The minimum payment field defaults to the typical minimum: usually 1-2% of the balance or £25, whichever is higher — though your card’s specific terms may differ.
The results show the stark difference in total cost and repayment time between paying the minimum and paying a fixed higher amount. Paying only minimums on a significant balance at 24% APR can take over 20 years to clear and cost more in interest than the original balance. Even doubling the minimum payment can cut both the time and total interest by more than half.
Use the monthly payment slider to find the amount that clears your balance in a timeframe you are comfortable with. Then consider whether a 0% balance transfer to a new card might be more cost-effective — our balance transfer calculator can show the comparison. If you cannot qualify for a balance transfer, prioritise this card above savings at rates below the APR, as paying down the debt delivers a guaranteed return equal to the interest rate avoided.
The avalanche method — prioritising the highest APR debt first while making minimums on all others — is mathematically optimal for reducing total interest paid. Once the highest-rate card is cleared, roll its payment to the next highest. This systematic approach, combined with not adding new spending to cards being paid down, is the most efficient way to become debt-free.