Credit card repayment calculator
Results are based on several assumptions about the card holder. We assume the interest rate stays the same and is calculated monthly. We also assume there is no additional spend on the card during your repayment, no balance transfer and no additional fees are charged.
How does the credit card calculator work?
Our handy credit card calculator helps you understand how long it’ll take to clear your debt and what you’ll pay in interest, based on:
- What you currently owe on your credit card
- The interest rate you’re paying
- How much you want to pay back each month
How do I use the credit card calculator?
Using our credit card calculator to figure out how to tackle your credit card debt is nice and easy:
- Head to your online banking or lender’s app to find out your credit card balance and the interest rate you're paying.
- Work out how much you can realistically pay towards this debt each month. This should be at least the minimum monthly amount as set by your lender.
- Plug the info into the calculator to see how long it’ll take you to pay off your debt and how much you’ll pay in total, including interest.
Playing around with the calculator can help you understand the impact of different monthly payment amounts.
This could help you make more informed decisions and – depending on how much you owe, your interest rate and whether you’re able to increase your monthly payments – potentially save you a hefty amount in interest.
Learn more about how to clear your credit card debt.
What our expert says...
“It’s vital to ensure that you make at least the minimum payment or you could face a penalty and damage to your credit score.
Using our credit card calculator can be a real eye-opener when you see just how much difference even a relatively small increase in your monthly repayments can make to the amount of interest you pay over the life of the card. So always try to pay off as much as you can.”
- Guy Anker, Personal finance and insurance expert
How to pay off your credit card balance faster
- Making larger fixed payments every month helps you pay off your credit card debt quicker and saves you money in interest.
- Switching to a balance transfer credit card could help if you've reached the end of a 0% interest period and still have an outstanding balance on another credit card. Balance transfer cards usually have a lower interest rate or 0% interest for a set time. This means you can focus on paying off your balance without worrying about extra interest piling up. They usually have a fee attached, though, typically ranging from 2%-4% of the balance you transfer.
Here’s an example of how differences in the monthly repayment can significantly reduce the time to repay and interest cost:
|
Outstanding balance: £1,000 Interest rate: 21.9% |
||
|---|---|---|
| Monthly repayment | Time to repay | Interest cost |
| £30 (minimum example) | 4 years and 4 months | £555 |
| £60 | 1 year and 9 months | £204 |
| £120 | 10 months | £95 |
Please note: this example assumes no additional spending or fees.
Compare credit cards
You can use our eligibility checker to see how likely you are to be approved for a credit card.
This carries out a soft search and doesn’t negatively affect your credit score.
Compare the Market Limited acts as a credit broker, not a lender. To apply you must be a UK resident and aged 18 or over. Credit is subject to status and eligibility.
Check eligibilityCredit card terms explained
- Outstanding balance – the amount you owe on your credit card.
- Interest rate – this is used to calculate the cost of borrowing. Lenders often use the Annual Percentage Rate (APR) to work this out.
- Minimum payment – this is the amount you must repay each month. If you don’t, you’ll break the terms of your agreement. It’s usually worked out as either a percentage of what you owe or a set sum, whichever is higher. Your minimum payment is based on the amount you borrow, the interest rate and your credit score. This may also vary between credit card providers.
- Fixed amount – if you’re not just making the minimum payment, this is an amount that you’ve chosen to pay off your balance each month.
What happens if I only pay the minimum amount on my credit card?
If you only make the credit card’s minimum payment, it could take much longer to pay off your credit card balance. This will usually make the card more expensive in the long term, as – unless you’re on a 0% interest deal – you’ll pay more in interest.
Also, if you only make the minimum payment over an extended period (for example, 18 months) your credit card provider may consider you to be in ‘persistent debt’. This could damage your credit score and could even see your card suspended.
Quick tipIf you’re really struggling to clear your debt, speak to your lender as soon as possible. They can talk you through your options to help improve your situation. You can also get in touch with a debt charity such as StepChange or National Debtline. |
What happens if I miss a credit card repayment?
If you miss a credit card repayment, are late repaying or pay less than the minimum payment:
- You’ll be seen as behind with payments and usually get hit with a late payment fee, which is often around £12.
- You may also lose any introductory benefits or interest rates. For example, if you had a 0% interest rate, you may be forced to begin paying interest, which will affect your repayment plan.
- Missing a credit card repayment will likely negatively impact your credit score. This could make it more difficult, or expensive, to borrow again in future.
Learn more about how late payments affect your credit score.
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