Credit Card Repayment Calculator
Our credit card repayment calculator shows how long it takes to clear any credit card balance at a fixed monthly payment, and the total interest you will pay. It also reveals the true cost of minimum repayments — one of the most eye-opening calculations in personal finance.
Credit Card Minimum Repayment Calculator
See how long it takes to clear your credit card balance making only minimum payments.
The Minimum Payment Trap
A £3,000 balance at 21.9% APR paying only the minimum takes approximately 27 years to clear — costing over £3,000 in interest on the original £3,000 debt. Paying a fixed £100 per month instead clears the same debt in 38 months at a total interest cost of approximately £700. If you can move the balance to a 0% deal, use our Balance Transfer Calculator to model the saving. To understand whether consolidating into a personal loan makes sense, see our Debt Consolidation Calculator.
Frequently Asked Questions
You stay in debt for decades and pay far more in interest than the original debt. Lenders are required by FCA rules to show you on your statement how long minimum repayment will take and the total interest cost.
Calculate monthly interest: balance × APR ÷ 100 ÷ 12. If your payment is less than this figure, the debt grows. At 21.9% APR on a £3,000 balance, monthly interest is £54.75.
Yes — consistently paying more than the minimum reduces utilisation and demonstrates positive payment behaviour, both of which improve credit scores over time.
Contact your lender — they must offer forbearance if you are struggling. Free debt advice from StepChange, National Debtline, or Citizens Advice can help you create a repayment plan.
The avalanche method (highest APR first) minimises total interest paid. The snowball method (smallest balance first) provides psychological wins that help maintain motivation.
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.
Important Information
This calculator is provided for general information and planning purposes only. It does not constitute financial or tax advice and should not be relied upon as such. Figures are indicative estimates based on simplified, publicly available criteria and stated assumptions. Actual results depend on your full circumstances. See our Disclaimer for further information.