Credit Card Calculator guide
Credit Card Calculator: How Long to Pay It Off
Use our credit card calculator to see how long it will take to clear your balance and how much interest you'll pay, or the payment you need to clear it by a date.
By the AllCalculator editorial teamUpdated 16 October 20261 min read
Paying only the minimum on a credit card can take years and cost a fortune in interest. Our Credit Card Calculator shows how quickly you can clear it.
How to use the calculator (Credit Card Calculator)
- Enter your balance and APR.
- Choose to pay a fixed amount each month, or clear it by a date.
You'll see how long it takes, the total interest, and a table of other payment amounts.
How it works
Each month, interest is added at the monthly equivalent of your APR, then your payment comes off. The calculator repeats this until the balance reaches zero.
A worked example
With the calculator's default settings, a £3,000 balance at 24.9% APR, paying £150 a month:
- Paid off in 2 years 2 months
- Total interest: £793
Paying £100 a month would take 3 years 9 months and cost £1,444 in interest.
Tips
- Pay more than the minimum whenever you can.
- A 0% balance transfer card could stop the interest, but check the fee and the end date.
- Set up a Direct Debit so you never miss a payment.
Frequently asked questions
Why does the minimum payment take so long?
Minimums are often just 1% of the balance plus interest, so most of each payment goes on interest.
Should I clear my card or save?
Usually clear high-interest debt first, but keep a small emergency fund.
For several debts, use our Debt Payoff Calculator.
Sources and further reading
Links open official and independent websites in a new tab.
This guide is general information to help you understand your options. It isn't financial, tax, legal or building advice and doesn't take your personal circumstances into account. Figures were checked when the guide was last updated and can change, so confirm anything important with GOV.UK, HMRC, a regulated adviser or a qualified tradesperson.