Rates & sources
Credit-card minimum-payment mechanics. Interest compounds daily on unpaid balances at the card APR.
Source: FCA — Credit cards — figures refreshed at the start of each tax year.
When to use this calculator
- When you need a fast estimate before making a bigger decision.
- When you want to compare a few scenarios using the same assumptions.
- When you need a clearer starting point before using a detailed quote or formal document.
- When you want to sanity-check a figure you have seen elsewhere before you rely on it.
- When you are preparing for a conversation with an adviser, supplier, or lender and want to arrive with realistic numbers.
A realistic US planning example
Use these sample inputs as a quick scenario test, then change one variable at a time to compare outcomes.
Balance ($)
5000
APR (%)
5%
Monthly Payment ($)
6
After entering these figures, review paid off in, total paid and interest together rather than in isolation — each metric tells a different part of the story. Then rerun the tool with one input adjusted to see which variable has the biggest effect on all three outputs before you settle on a plan.
How to read your results
Paid Off In
Use this metric to compare scenarios side by side and understand how changes in the key inputs drive the final outcome. If the figure surprises you, isolate one variable at a time and rerun the calculation to identify which assumption is responsible.
Total Paid
This is the headline outcome of the calculation, but it is most useful when read alongside the supporting metrics below it rather than in isolation. Try changing one input at a time and watching how this total moves to understand which driver has the biggest impact.
Interest
Use this metric to compare scenarios side by side and understand how changes in the key inputs drive the final outcome. If the figure surprises you, isolate one variable at a time and rerun the calculation to identify which assumption is responsible.
Method & assumptionsAuthoritative sources
This calculator estimates how long it will take to pay off a credit card balance and the total interest you will pay, based on your current balance, your card's annual percentage rate (APR), and a chosen monthly payment amount. It uses a standard amortisation model, applying interest monthly at one-twelfth of the annual rate, then deducting your payment from the remaining balance.
The calculation assumes a fixed monthly payment and a fixed APR throughout the repayment period. In practice, UK credit card rates can change and providers may adjust minimum payments. This tool is intended for planning purposes only and does not constitute financial advice. Always check your most recent statement for your actual APR and outstanding balance before making decisions.
Common mistakes
- !Using optimistic assumptions without testing a more cautious scenario as well.
- !Comparing outputs from different tools without checking that the inputs match.
- !Treating the result as a final quote instead of a planning estimate.
- !Rounding inputs too aggressively, which can produce an output that is noticeably different from your actual situation.
- !Stopping at a single run of the tool rather than adjusting the key variable up and down to understand the range of plausible outcomes.
What to do next
- Try at least one more scenario so you can compare a realistic range instead of a single estimate.
- Use the related calculators below to cross-check the decision from another angle.
- Open one of the linked guides if you need more context before you act on the result.
- Write down the key outputs from your best two or three scenarios so you have something concrete to compare when you make the final decision.
- If the result surprises you, change one input at a time to isolate which variable is driving the outcome before drawing conclusions.
Frequently asked
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End-of-article next steps
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