Credit Card Repayment Calculator
Calculate how long it will take to pay off your credit card and how much interest you will pay.
Last updated: April 2026 · Source: FCA - Credit Cards Consumer Information
Debt-Free In
3 years 9 months
Balance
£3,000.00
Total Interest
£1,495.50
Total Paid
£4,495.50
Disclaimer
This calculator is provided for informational purposes only and should not be considered as financial or tax advice. All calculations are performed locally in your browser — no personal data is collected or sent to our servers. Rates and thresholds are sourced from HMRC and GOV.UK and are updated for the current tax year. Always verify results with HMRC or consult a qualified professional before making financial decisions.
How It Works
Credit card interest compounds monthly on the outstanding balance after each statement period. A typical UK APR of 24.9% translates to a monthly periodic rate of approximately 1.867% (calculated as (1 + 0.249)^(1/12) - 1). Each month, interest is charged on whatever balance remains after your payment is applied, creating a compounding effect that significantly increases total costs when only minimum payments are made.
Minimum payments in the UK are usually calculated as the greater of a fixed floor amount (typically £5 or £25) or a percentage of the outstanding balance (usually 1% to 3% plus that month's interest). Because the percentage-based minimum shrinks as your balance decreases, repayment slows dramatically over time. A £3,000 balance at 24.9% APR with 2% minimum payments would take over 25 years to clear, costing more than £4,000 in interest alone.
The calculator models three repayment strategies side by side: minimum payments only, fixed monthly payment, and a target payoff date approach. Fixed payments above the minimum accelerate principal reduction because the interest portion shrinks each month while total payment stays constant. Even adding £50 above the minimum can cut repayment time by 10-15 years and save thousands in interest charges.
Paying off a £4,500 credit card balance at 24.9% APR
- Balance: £4,500, APR: 24.9%, monthly rate: 1.867%
- Minimum payment (2.5% of balance or £25, whichever is greater): month 1 = £112.50
- Interest in month 1: £4,500 x 1.867% = £84.02, principal paid: £28.48
- With minimum payments only: 27 years 4 months to clear, total interest: £5,891
- With fixed £150/month: 3 years 3 months to clear, total interest: £1,356 (saving £4,535)
Frequently Asked Questions
- What does the Credit Card Repayment Calculator do?
- Calculate how long it will take to pay off your credit card and how much interest you will pay. All calculations are performed in your browser using official UK rates and thresholds.
- Does this use current UK interest rates?
- You can enter any interest rate to model different scenarios. The Bank of England base rate and FCA guidelines influence typical lending rates available in the UK market.
- Should I get professional debt advice?
- If you are struggling with debt, free professional advice is available from StepChange (0800 138 1111), Citizens Advice, and the National Debtline (0808 808 4000). This calculator provides estimates only.