Credit Card Repayment Calculator
Work out how long it takes to pay off a credit card and the total interest, at your chosen monthly payment.
Credit card details
How credit card interest works
Credit card interest is charged on the outstanding balance, so paying only the minimum each month means the balance falls very slowly and the interest mounts up. The calculator shows how long it takes to clear the balance at your chosen monthly payment, and how much interest you'll pay in total.
Paying a fixed amount each month – rather than the shrinking minimum – clears the debt far faster. Adding new spending each month has the opposite effect, so the calculator lets you include that too.
Clearing a credit card faster
- Pay a fixed amount each month instead of the minimum, which falls as the balance drops.
- Consider a 0% balance transfer card to stop interest while you clear the balance (watch the transfer fee).
- Pay off the highest-interest card first if you have several.
- Avoid new spending on a card you're trying to clear.
Frequently asked questions – Credit Card Repayment Calculator
The minimum payment is a small percentage of the balance, so most of it barely dents the debt while interest keeps accruing. Paying a fixed higher amount each month clears the card far faster and saves a lot of interest – the calculator shows the difference.
Often, yes. Moving the balance to a 0% balance transfer card stops interest for the promotional period, so your whole payment reduces the debt. Factor in the one-off transfer fee and aim to clear the balance before the 0% period ends.
Credit card APR is charged on a revolving balance that changes as you spend and repay, whereas a loan APR applies to a fixed sum repaid over a set term. Card interest can compound monthly, so carrying a balance is expensive.