Credit Card Minimum Payment Calculator
Discover how long it will take to pay off your credit card debt. Estimate total interest costs and explore strategies to become debt-free faster.
Calculate Your Payoff Timeline
Enter your current credit card balance, annual interest rate (APR), and your typical monthly payment to see the true cost of your debt over time.
Debt & Payment Details
Enter your current credit card information
Payoff Evaluation
Estimated timeline and total financial impact
Average UK Credit Card APRs by Type
Typical representative APRs for common credit card products in the UK market. Your actual rate will depend on your credit score.
| Card Type | Typical Use Case | Representative APR | Min. Payment Rule |
|---|---|---|---|
| Standard Purchase | Everyday spending & retail | 24.9% – 34.9% | 1% – 3% + interest |
| Balance Transfer | Moving debt to lower interest | 0% (intro) then 24.9%+ | 1% – 3% of balance |
| Store Cards | Specific retailer purchases | 29.9% – 39.9% | 3% – 5% of balance |
| Credit Builder | Improving poor credit scores | 34.9% – 49.9% | 3% – 5% of balance |
| 0% Purchase Cards | Large purchases over time | 0% (intro) then 24.9%+ | 1% – 3% of balance |
Credit Card Payoff FAQ
Everything you need to know about minimum payments, compound interest, and strategies to eliminate debt.
In the UK, a minimum payment is typically calculated as a percentage of your outstanding balance (usually 1% to 3%) plus any accrued interest and fees, or a fixed minimum amount (e.g., £25), whichever is greater.
If you only pay the minimum, it will take significantly longer to clear your debt, and you will pay a substantial amount in compound interest. For example, a £5,000 balance at 24.9% APR could take over 15 years to clear if only minimum payments are made.
Yes, you can and should pay more than the minimum whenever possible. Paying extra goes directly toward reducing your principal balance, which saves you money on interest and dramatically shortens your payoff time.
Yes. Credit card interest is typically calculated daily based on your average daily balance. Making multiple payments throughout the month lowers your average daily balance, which can slightly reduce the total interest charged.