Credit cards typically carry high interest rates. Use this calculator to see exactly how long your current monthly payment will take to clear your balance, and how much extra interest you are paying.
Credit Card Payoff Calculator
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How to Use This Calculator
Enter your credit card balance, interest rate, and monthly payment amount.
- Balance — the amount you currently owe.
- Interest Rate (APR) — the annual rate shown on your statement.
- Monthly Payment — the fixed amount you plan to pay each month.
Frequently Asked Questions
What if I only pay the minimum?
Paying only the minimum keeps you in debt far longer. Try increasing your payment by just £20–50/month to see the difference.
How do I reduce my credit card APR?
You can try negotiating with your lender, or transfer the balance to a 0% interest card.
Why is my result on the Credit Card Payoff Calculator so high?
Credit cards use compounding daily interest. The Credit Card Payoff Calculator accurately reflects how high APRs can rapidly inflate your total cost.
Does the Credit Card Payoff Calculator assume I stop spending?
Yes, the Credit Card Payoff Calculator assumes you make no further purchases on the card while paying down the balance.
Can the Credit Card Payoff Calculator handle promotional APRs?
This Credit Card Payoff Calculator assumes a fixed rate. If you have a 0% promo, use our Balance Transfer Calculator instead.