How to use this calculator
The results update as you type.
- Card balance: what you owe today, from your latest statement or app.
- Interest rate: the annual purchase rate on your statement. If you have a 0% offer that’s ending, use the rate that applies afterwards.
- How do you want to pay it off? Choose a fixed monthly payment to see how long it takes, or a target number of months to see the payment you need.
- Monthly payment or months: the amount you can pay each month, or how many months you want to take.
The results show your monthly payment, when you’ll be debt-free, the total interest and the total you’ll repay. If you pay a fixed amount, you’ll also see what an extra £50 a month would save. Below the calculator, the chart and schedule show how each year’s payments split between interest and your balance.
Example: a £3,000 balance at 24.9%
Say you owe £3,000 at 24.9% and stop using the card.
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| £70 | 108 months (9 years) | £4,501.25 |
| £150 | 27 months (2 years 3 months) | £915.95 |
| £200 | 19 months (1 year 7 months) | £631.43 |
At £70 a month, you’d pay back £4,501.25 in interest, more than the £3,000 you owe. Most of each early payment goes on interest: in the first month, £62.25 of interest is charged, so only £7.75 of a £70 payment reduces the balance.
Under the FCA rule, the first minimum payment must cover at least the interest plus 1% of the balance, or £92.25 here. If you kept paying that same £92.25 every month instead of letting it fall, you’d clear the card in 55 months and pay £2,045.81 in interest. Real minimum payments fall as the balance falls, which takes longer still.
If you’d rather pick a date, clearing the card in 24 months needs £159.96 a month and costs £839.14 in interest. In 12 months, it’s £284.99 a month and £419.84 in interest.
How it’s calculated
Each month, interest is the balance × annual rate ÷ 12. The rest of your payment reduces the balance, and your last payment is only what’s left.
Fixed payment: months to pay off = −ln(1 − balance × r ÷ payment) ÷ ln(1 + r), rounded up to a whole month, where r is the monthly rate (annual rate ÷ 12 ÷ 100). Your payment must be more than the first month’s interest. If it isn’t, the balance never goes down, and the calculator tells you.
Target date: payment = balance × r ÷ (1 − (1 + r)^−n), where n is the number of months. At 0%, it’s the balance ÷ n.
Card providers usually charge interest daily, so your statement figures can differ a little from this estimate. The calculator assumes a steady rate, no fees and no new spending. Figures are calculated at full precision and rounded for display.
Tips to clear your card faster
- Set a fixed Direct Debit above the minimum. A fixed amount stays the same as your balance falls, so more of it goes on the balance over time.
- Add a little more each month. In the example, raising £150 to £200 clears the card 8 months sooner and saves £284.52.
- Stop using the card while you pay it off. New spending adds to the balance you’re trying to clear.
- Pay the highest-rate card first if you have several. Extra money saves the most there.
- Look at balance transfer deals carefully. Check the transfer fee, how long the 0% lasts and what rate applies after.
- Get free help if you’re struggling. If your payments mostly cover interest, contact your card provider or a free debt advice service such as MoneyHelper, StepChange or Citizens Advice.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, interest rate and monthly payment. At 24.9%, a £3,000 balance takes 27 months to clear at £150 a month, but 9 years at £70 a month. Enter your own numbers above to see your date.
How much do I need to pay to clear my card in a year?
Choose "Clear it by a target date" and enter 12 months. For £3,000 at 24.9%, you'd need to pay £284.99 a month, and you'd pay £419.84 in interest.
How is the minimum payment on a UK credit card set?
Under FCA rules, the minimum payment on a credit card must at least cover the interest, fees and charges for the month plus 1% of the balance. Each card's terms set the exact formula, so check your statement.
What is persistent debt?
The FCA calls it persistent debt when, over 18 months, you've paid more in interest, fees and charges than you've paid off the amount you borrowed. Your card provider must then contact you, explain that paying more would cut the cost, and point you to free debt advice.
Does this calculator include new spending?
No. It assumes you stop using the card while you pay it off. New spending, fees or a rate change will make the payoff take longer.
Should I move my balance to a 0% balance transfer card?
A 0% deal can save interest if you clear the balance before the offer ends and the transfer fee is small. This calculator doesn't model promotional rates, so compare the fee with the interest shown here.