Credit Card Calculator
Find out how long to pay off your balance and how much interest you'll pay
// Payment Strategy Comparison
// Balance Paydown Over Time
Payoff Schedule
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 💳 Calculate above to see your payoff schedule | ||||
How to Use the Credit Card Calculator
Enter your current credit card balance and APR (annual percentage rate), then choose a calculation mode. Pay Off Balance shows how long a fixed monthly payment takes to clear the debt. Fixed Payment works backwards — enter when you want to be debt-free and see the required payment. Minimum Only shows the shocking true cost of only making minimum payments.
How Credit Card Interest Works
Credit card interest is calculated daily on the outstanding balance. The APR is divided by 365 to get a daily rate, then multiplied by your average daily balance each month. This means interest compounds continuously, which is why credit card debt grows quickly when only minimum payments are made.
The Minimum Payment Trap
Credit card minimum payments are typically 1–3% of the outstanding balance. Because the minimum falls as the balance falls, you make tiny payments in later months — stretching a £3,000 balance at 20% APR into a 20+ year payoff costing thousands in interest. Always pay more than the minimum if you can.
Debt Avalanche vs Debt Snowball
If you have multiple credit cards, the avalanche method — paying off the highest APR card first — minimises total interest paid. The snowball method — paying off the smallest balance first — provides psychological wins that help some people stay motivated. This calculator helps you model either approach.
From the Blog
// Pay More Than Min
Even paying £20 extra per month can save hundreds in interest and years off your payoff timeline.
// 0% Balance Transfer
Moving debt to a 0% transfer card resets the interest clock. Factor in any transfer fee (typically 2–3%).
// Avalanche Method
Pay minimums on all cards, then throw every extra pound at the highest APR card first. It minimises total interest.
// Avoid New Spend
Stop using the card while paying it off. New purchases at purchase APR slow down your payoff significantly.