Credit Card Repayment Calculator
Find out how long it will take to clear your balance and how much interest you'll pay — and see the dramatic difference a fixed monthly payment makes over minimum payments.
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Results are estimates. Minimum payment rules vary by lender. Always check your card's terms.
Fixed payment vs minimum payment — £3,000 at 24.9% APR
Click any row to load the monthly payment amount into the calculator above.
| Monthly payment | Time to clear | Total interest | Total repaid |
|---|
The danger of minimum payments
Credit card minimum payments are typically set at 2% of your outstanding balance (or £25, whichever is higher). As your balance falls, so does the minimum payment — meaning most of what you pay is interest, and the debt can take years or even decades to clear.
On a £3,000 balance at 24.9% APR, paying only minimums could take over 25 years and cost more than £3,000 in interest alone.
Fixing your payment at a specific amount — even the amount of your first minimum payment — dramatically shortens your repayment period and cuts interest costs.
Frequently asked questions
APR (Annual Percentage Rate) is the yearly cost of borrowing, expressed as a percentage. Credit cards typically charge interest monthly at APR ÷ 12. Common UK credit card APRs range from around 20% to 40%+.
No — paying more than the minimum is always better for your finances and your credit score. Paying the full balance avoids interest entirely, and a lower credit utilisation improves your score.
If eligible, a 0% balance transfer card can let you repay debt interest-free for an introductory period (often 12–24 months). A transfer fee of 1–3% usually applies. Use an eligibility checker first to avoid hard searches.
Only making minimum payments can keep you in debt for decades and cost far more in interest than the original balance. This calculator shows you why a fixed monthly payment is so much better.