Credit Card Repayment Calculator
Find your debt-free date and the true cost in interest — and see exactly how much a fixed monthly payment beats making minimum payments. Or set a target date and get the monthly amount that hits it.
Typical UK credit cards charge 22–30% APR
Repayment schedule
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | £100.00 | £62.25 | £37.75 | £2,962.25 |
| 2 | £100.00 | £61.47 | £38.53 | £2,923.72 |
| 3 | £100.00 | £60.67 | £39.33 | £2,884.39 |
| 4 | £100.00 | £59.85 | £40.15 | £2,844.24 |
| 5 | £100.00 | £59.02 | £40.98 | £2,803.26 |
| 6 | £100.00 | £58.17 | £41.83 | £2,761.43 |
| 7 | £100.00 | £57.30 | £42.70 | £2,718.73 |
| 8 | £100.00 | £56.41 | £43.59 | £2,675.14 |
| 9 | £100.00 | £55.51 | £44.49 | £2,630.65 |
| 10 | £100.00 | £54.59 | £45.41 | £2,585.24 |
| 11 | £100.00 | £53.64 | £46.36 | £2,538.88 |
| 12 | £100.00 | £52.68 | £47.32 | £2,491.56 |
Minimum payments are modelled as the greater of £25 or this month's interest plus 1% of the balance — check your card's actual terms. New spending on the card isn't included.
The minimum payment trap
Minimum payments are calculated as a small percentage of your balance (plus that month's interest), so they fall as the balance falls — stretching the debt out for years while interest keeps accruing on what's left. A fixed payment of the same starting size breaks that pattern: every month a larger share goes to the balance, so the payoff accelerates.
Worked example
A £3,000 balance at 24.9% APR: minimum payments start at £92.25 and take 15 years and 5 months to clear, costing £5,092 in interest. A fixed £100 a month clears it in 4 years for £1,744 — saving £3,349.
Frequently asked questions
Why do minimum payments take so long to clear a credit card?
Minimum payments are typically set at this month's interest plus just 1% of the balance, and they shrink as the balance falls — so the debt decays painfully slowly. On a £3,000 balance at 24.9% APR, minimums alone take 15 years and 5 months and cost £5,092 in interest, versus 4 years and £1,744 paying a fixed £100 a month.
How is credit card interest calculated?
Card APRs are charged monthly on your outstanding balance — roughly APR ÷ 12 each month. At 24.9% APR a £3,000 balance accrues about £62 of interest in the first month, which is why payments only slightly above the interest barely move the balance.
How much should I pay each month?
As much as you can afford, fixed rather than the declining minimum. Switching this calculator to 'by a target date' tells you the exact monthly amount for any payoff date — clearing £3,000 at 24.9% in 12 months needs about £284 a month.
Would a 0% balance transfer help?
Often dramatically — moving the balance to a 0% transfer card stops interest for the promotional period (typically 12–30 months, for a transfer fee of 2–4%). Set the APR to 0% in this calculator to see the effect; the key is clearing the balance before the promotional rate ends.