Credit Card Payoff Calculator
Find out how long a credit card balance takes to clear and how much interest it costs.
| Your plan | Minimum only | |
|---|---|---|
| Monthly payment | £150.00 | £85.00 (falls as the balance falls) |
| Time to clear | 2 years 2 months | 15 years |
| Total interest | £771 | £4,433 |
| Interest saved by your plan | £3,662 |
Assumes no new spending and a fixed APR with interest added monthly. The minimum-payment rule (1% of the balance plus interest, at least £25) is an example, so check your own card’s terms.
Why the minimum payment is expensive
Credit card minimum payments are small, and most of each one goes on interest. On a £3,000 balance at 22% APR, paying about £150 a month clears the card in 2 years 2 months with £771 in interest. Paying only the minimum would take 15 years and cost £4,433 in interest.
Ways to pay less interest
- Pay more than the minimum every month, even a small amount more.
- Set up a direct debit for a fixed amount so you never miss a payment.
- Consider a 0% balance transfer card, but watch the transfer fee and the date the 0% period ends.
- Stop using the card while you pay it off, as new spending can add interest.
Struggling with debt?
If you are finding it hard to keep up, free, impartial help is available from MoneyHelper, StepChange and Citizens Advice.
How this calculator works
It adds one month of interest (APR ÷ 12) to the balance, then takes off your payment, and repeats until the balance is zero. Real cards add interest daily, so results are close but not exact.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, interest rate and monthly payment. Enter them above to see the number of months and the total interest.
What happens if I only pay the minimum?
You pay far more interest and it takes much longer. On £3,000 at 22%, the minimum-only route takes about 15 years.
What is APR on a credit card?
APR (annual percentage rate) is the yearly cost of borrowing on the card. A 22% APR means about 1.8% interest a month.
Is a balance transfer worth it?
It can be, if the transfer fee is lower than the interest you would save and you can clear the debt before the 0% period ends.
More from UK Answers
Figures are for the 2026/27 tax year from official sources and are estimates for guidance only, not financial or legal advice. Printed from ukanswers.co.uk.