InstalmentLoans

Credit Card Payoff Calculator

A credit card payoff calculator estimates how long it takes to clear a card balance and how much interest you pay. Enter the balance, card APR and monthly repayment to compare a fixed repayment with the minimum-payment path.

By the InstalmentLoans Editorial Team · Last updated 2 October 2026

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WARNING: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Enter your numbers and press Calculate. Nothing you type leaves your browser.

How this calculator works

Credit cards charge interest on the balance you carry, and the minimum repayment is usually a small percentage of that balance. Paying only the minimum can keep you in debt for years.

Each month the calculator:

  1. Charges interest = balance * annual rate / 12 / 100.
  2. Compares a fixed repayment with a minimum of the higher of 2% of the balance or £25.
  3. Subtracts the repayment minus interest from the balance.

If the repayment is smaller than the interest charge, the balance never falls and the calculator reports that the debt does not clear.

Card issuers set their own minimum-payment rules, so compare the result with the minimum stated in your agreement.

Frequently asked questions

How is a credit card minimum repayment set?
Issuers typically set the minimum as a percentage of the balance or a fixed pound floor, whichever is larger. Check your card agreement for the exact rule.
Why does paying only the minimum take so long?
The minimum is small, so most of it covers interest and only a little reduces the balance. A small reduction means interest stays high next month.
What happens if my repayment is below the interest charge?
The balance grows instead of shrinking, so the debt never clears. The calculator reports no payoff time in that case.
Would a balance transfer help?
A lower promotional rate can reduce interest while it lasts, but transfer fees and the rate after the promotion matter. Compare the full cost before transferring.

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