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How this works

Each month the card adds interest to what you owe, then your payment comes off. The calculator repeats that until the balance is gone, and counts the months and the interest.

You can pay a fixed amount, pay only the minimum, or choose a date and let it work out the payment that clears the card by then. UK card APRs are true yearly rates, so a 24.9% APR is about 1.87% a month.

What it assumes

  • You don’t spend anything more on the card while you clear it.
  • The APR stays the same and there are no fees or 0% promotions.
  • Minimum payments are modelled as 1% of the balance plus that month’s interest, with a floor of £25. Your card’s own formula may differ.

Worked example

Clearing £3,000 at 24.9% APR

  1. In the first month £56.10 of interest is added.
  2. Paying £100 a month clears the card in 3 years 9 months and costs £1,443.88 in interest.
  3. Paying £150 a month clears it in 2 years 2 months, with £792.64 of interest.
  4. Paying only the minimum starts at £86.10 and falls as the balance falls. It takes 15 years and £4,533.01 of interest.
  5. To be clear in two years, you’d need £156.29 a month.

Worked out with the same maths as the calculator above.

What to do next

Common questions

Why does paying the minimum take so long?

The minimum is set mostly to cover interest, with only a small slice of the balance on top. As the balance falls, the minimum falls too, so the debt shrinks more and more slowly.

What if my payment doesn’t cover the interest?

Then the balance never goes down, and the calculator will tell you. It also shows the smallest payment that starts to reduce the debt.

Should I use savings to clear my card?

Card interest is usually far higher than any savings rate, so clearing the card is often the better use of spare cash. Keep a small emergency buffer first so a surprise bill doesn’t go straight back on the card.

Would a balance transfer help?

A 0% balance transfer can stop interest for a set period, usually for a one-off fee. Work out the monthly amount that clears the debt before the 0% ends, and set it up as a fixed payment.

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