Minimum Payment Calculator
Find out how many years it takes to clear your credit card paying only the minimum, and just how much interest that costs you.
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Lowest the minimum can drop to (typically £25)
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If you paid £— instead, you'd clear the debt in — years and pay only £— interest — saving £—.
Results are estimates. Minimum payment rules vary by lender, check your card's terms.
Minimum payment scenarios, UK credit cards
Click any row to load the values into the calculator above.
| Balance | APR | Minimum % | Years to clear | Total interest |
|---|
Why minimum payments are so costly
Credit card minimum payments are typically set at a percentage of the outstanding balance, often 2%, or a small fixed amount, whichever is higher. As the balance shrinks, so does the minimum. This means the debt reduces agonisingly slowly.
At 24.9% APR, roughly 2% of a £3,000 balance (£60) is consumed by interest each month. If the minimum is also near 2%, almost nothing reduces the capital.
The single most powerful thing you can do is fix your payment at the initial minimum amount and never let it fall, this alone can cut years off your repayment.
Frequently asked questions
Most UK credit card lenders calculate the minimum as either a percentage of the outstanding balance (typically 1–3%) plus any interest and fees, or a fixed floor (often £25), whichever is greater. Some lenders use a flat percentage of the total balance including interest.
Your minimum payment falls as your balance reduces (because it's a percentage), but lenders can increase the minimum if your APR rises, if you miss payments, or if your account is reviewed. Always check statements carefully.
You'll stay in debt for a very long time and pay far more in total than the original balance. On a typical UK credit card at 24.9% APR, paying only 2% minimums on £3,000 can take over 25 years and cost more than £3,000 in interest alone.
Warning: Paying only the minimum on a credit card can take decades to repay and cost thousands in interest.