How it works
Each month: add interest at annual rate ÷ 12, then subtract the payment. Repeat until the balance is cleared.
A worked example
A 1,000 balance at 0% with payments of 100 takes 10 months to clear.
What to keep in mind
Fixed nominal annual rate, monthly interest, no new spending or fees. Actual cards may accrue daily interest and use different minimum-payment rules.
How credit card interest affects repayment time
A higher rate means more of each payment goes towards interest and less reduces the balance. Paying more than the minimum can shorten the payoff time and reduce total interest, provided there is no new spending.
Compare different monthly payments
Run the calculator with two or three affordable payment amounts. Comparing the payoff date and total interest shows the long-term effect of paying a little more each month. UK cards often calculate interest daily, so an actual statement can differ from this monthly estimate.
Frequently asked questions
What if my payment is too low?
The calculator flags payments that do not cover the first month’s interest, rather than showing a misleading payoff date.
Does this use APR?
Enter the annual interest rate shown for the balance. Credit card APR can include assumptions and fees, so the result is an estimate rather than a statement forecast.
Are new purchases or fees included?
No. The estimate assumes no new spending, fees, promotional rate changes or missed payments.
For general information and planning, not personalised financial or tax advice. Verify important decisions with a qualified adviser.