Get out of debt
Credit Card Repayment Calculator
See how long it takes to clear a credit card balance and how much interest you pay, then compare paying a fixed amount each month against the minimum payment.
Minimum payment uses 1% of the balance plus interest, or £5, whichever is higher. An estimate to help you plan, not debt advice.
- Time to clear
- 2 yrs 2 mos
- Total interest
- £793
- Total you repay
- £3,793
- Interest as a share
- 21%
How much is the minimum payment on a credit card?
On a UK credit card the minimum payment is whichever is greater: 1% of what you owe plus that month's interest, or your lender's cash minimum. On a £3,000 balance at 24.9% APR, that first payment is £86.10. It shrinks a little every month as the balance falls, which is the whole reason paying only the minimum takes so long to clear anything.
| Balance | 19.9% APR | 24.9% APR | 29.9% APR |
|---|---|---|---|
| £100 | £5.00 | £5.00 | £5.00 |
| £250 | £6.31 | £7.18 | £8.01 |
| £500 | £12.62 | £14.35 | £16.02 |
| £750 | £18.93 | £21.53 | £24.03 |
| £1,000 | £25.24 | £28.70 | £32.04 |
| £1,500 | £37.86 | £43.05 | £48.06 |
| £2,000 | £50.48 | £57.40 | £64.08 |
| £2,500 | £63.10 | £71.75 | £80.10 |
| £3,000 | £75.72 | £86.10 | £96.12 |
| £4,000 | £100.96 | £114.81 | £128.16 |
| £5,000 | £126.19 | £143.51 | £160.19 |
| £7,500 | £189.29 | £215.26 | £240.29 |
| £10,000 | £252.39 | £287.01 | £320.39 |
| £15,000 | £378.58 | £430.52 | £480.58 |
| £20,000 | £504.78 | £574.03 | £640.78 |
Each figure is the first month's payment, worked by the same engine as the calculator above. Read across to the rate nearest your own, which is on your statement. Where 1% plus interest comes to less than a lender's cash minimum, the cash minimum applies, and these rows model that at £5. Your own card may set it higher.
Why fixed payments beat the minimum
The minimum payment is designed to keep your account ticking over, not to clear it. Because it shrinks as the balance shrinks, it stays only just ahead of the interest, dragging the debt out for years or even decades. Paying a fixed amount each month means more of every payment goes on the balance, so it clears far faster and costs a fraction of the interest. Clearing credit card debt sets out the steps, and a 0% balance transfer can pause the interest entirely while you pay the balance down.
Juggling more than one card or loan? The debt payoff calculator plans the order to clear them.
What happens if you pay the minimum for years
The arithmetic above is only half the answer, and it is the half an American calculator can also give you. The other half is that a UK card company is not allowed to let it run indefinitely. If, over 18 months, you have paid less off the balance than you have paid in interest, fees and charges, the FCA calls that persistent debt, and the rules oblige your lender to act.
| How long you have been in persistent debt | What your card company has to do |
|---|---|
| 18 months | Contact you, explain the benefit of paying more, encourage you to get in touch, warn you what happens if nothing changes, and give you debt advice contact details. |
| 27 to 28 months | Look at your recent payments and decide whether you are still likely to be in persistent debt at 36 months. If so, contact you again. |
| 36 months | Take reasonable steps to help you repay the balance more quickly, in a way that does not make your financial position worse. The FCA has said a card may ultimately be suspended if the repayment pattern does not change. |
One exclusion is worth knowing: if the balance dropped below £200 at any point in the 18 months, the rules do not apply to that period.
The minimum payment itself is not left to the lender either. On any UK card agreement made on or after 1 April 2011, the minimum has to be at least that month's interest, fees and charges plus 1% of what you owe. That is a floor, not a target: most lenders sit a little above it and add a small cash minimum of their own, which is why the calculator models 1% plus interest or £5, whichever is greater.
None of this is a reason to keep paying the minimum. It is a reason to know that if you are stuck, your lender already has a duty to help, and you can ask them to before the 18 months are up. Free, independent help is available from MoneyHelper, StepChange and Citizens Advice.
Common questions
- How much is the minimum payment on a credit card?
- It is whichever is greater: 1% of the balance plus that month's interest, or your lender's cash minimum. On a £3,000 balance at 24.9% APR that is about £86 in the first month; on £1,000 at the same rate, about £29. The table above lists common balances at three rates. Because the figure is a percentage of what you owe, it falls every month as the balance falls.
- How long will it take to pay off my credit card?
- It depends on your balance, the APR and how much you pay each month. Enter all three above and the calculator shows the months to clear and the total interest. As a rule, paying only the minimum can drag on for decades, while a steady fixed amount clears most balances in a few years.
- How do I work out my credit card repayments?
- Convert the APR to a monthly rate, add that month's interest to the balance, then subtract your payment, and repeat until it clears. The calculator does this month by month, so you can skip the maths and just read off the time and interest.
- Why does paying only the minimum cost so much?
- The minimum payment falls as your balance falls, so it barely outpaces the interest. That stretches the debt over many years and piles on interest. Paying a fixed amount instead, even a modest one, clears the card far sooner and for much less.
- How is a credit card minimum payment worked out?
- There is a regulated floor. On any UK card agreement made on or after 1 April 2011, the minimum must be at least that month's interest, fees and charges plus 1% of the balance outstanding (FCA Handbook, CONC 6.7.5R). Lenders set their own minimum at or above that floor, and most add a small cash minimum as well. This calculator models the floor plus a £5 cash minimum, so check your own statement for the exact rule your lender uses.
- What is APR on a credit card?
- APR (annual percentage rate) is the yearly cost of borrowing on the card, including any compulsory charges. Card interest is usually added monthly, so we convert the APR to a monthly rate before working out what each month costs you. Your own rate is on your statement and in your card agreement, and it can differ from the advertised rate you applied on.
- Should I pay off my credit card or save?
- Card interest is usually far higher than any savings rate, so clearing the card almost always wins financially. Keep a small emergency buffer, then put spare money at the card. A 0% balance transfer can also cut the interest while you clear it.
- Will a balance transfer help?
- A 0% balance transfer moves the debt to a card charging no interest for a set period, so every pound you pay clears the balance rather than interest. Watch the transfer fee and the date the 0% ends, when the rate jumps back up.
About this calculator
Interest is the APR converted to a monthly rate and added to the balance each month. For the minimum payment we model the regulated floor set by the FCA Handbook (CONC 6.7.5R): that month's interest, fees and charges plus 1% of the balance, with a £5 cash minimum on top. Your lender may set its minimum higher, so check your statement. Figures are estimates to help you plan, not debt advice. If you are struggling, free help is available from MoneyHelper,StepChange and Citizens Advice. Last updated June 2026.