Credit Card Interest Calculator UK
Calculate how long it will take to pay off a credit card balance and how much interest you will pay at your current monthly payment rate.
Calculator
What this means
Credit card interest is charged on your remaining balance each month. Paying only the minimum extends repayment and increases total interest significantly.
How to use this calculator
- Enter your card balance and APR.
- Enter your monthly payment (or choose the minimum).
- See how long it'll take to clear and the interest cost.
Worked example
A £2,000 balance at 24% APR.
- Paying only the minimum stretches repayment over years.
- A fixed higher payment clears it far faster.
You'll see the payoff time and total interest for your chosen payment versus the minimum.
Who this is for
- Credit card holders carrying a balance.
- Anyone tempted to pay only the minimum.
- People considering a 0% balance transfer.
The minimum payment trap
Credit card interest is charged on your outstanding balance, so paying only the minimum each month means most of your payment goes on interest and the balance barely moves.
Paying a fixed amount above the minimum, or moving the balance to a 0% transfer card, can save a large amount of interest and clear the debt years sooner.
Frequently asked questions
If your monthly payment is less than the interest charged, the balance grows. You must pay above the interest to make progress.
Yes. Paying more than the minimum reduces interest and clears debt faster.
No. Enter your APR only. Late payment fees and other charges are not included.
The minimum is often a small percentage of the balance, so as the balance falls the payment falls too. Most of it covers interest, leaving the debt to linger for years.
A 0% balance transfer card can pause interest while you clear the balance, but watch for transfer fees and the date the 0% period ends. Aim to clear it before the rate jumps.
Disclaimer
This calculator provides estimates for guidance only. It is not financial, legal or tax advice. Always check official sources or speak to a qualified professional before making decisions.
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