Credit card payoff calculator
See how long it takes to clear your credit-card balance and how much interest you'll pay in the United Kingdom. Enter your balance, APR and a fixed monthly payment to find your debt-free date — and how much you save versus the minimum, which can stretch a balance for years. UK cards average about 24% APR.
Time to pay off
4 yr 11 mo
Vs. paying only the minimum
Minimum-only takes 21 yr and costs £10,887 in interest. Your fixed payment saves about £6,658.
How this estimate is calculated
For a fixed payment we apply standard amortization at your card's monthly periodic rate (APR ÷ 12). For the minimum-payment path we simulate the common 1%-of-balance-plus-interest rule, recalculating as the balance falls. The gap between the two is the interest a fixed payment saves you. The default APR reflects the UK average (Bank of England — effective interest rates).
See our full methodology for assumptions, limits and the 2026 data used.
Sources
- Bank of England — effective interest rates (as of 2026-02-28)
- Written by
- Colson — Founder & consumer-finance researcher, ColsonSuperApps LLC
- Verified
- Every figure checked against its cited primary source
- Last updated
- June 14, 2026
- Standards
- Editorial policy
These results are educational estimates based on the figures you enter and standard financial math, not financial advice or an offer of credit. Your actual rate, payment and terms depend on your credit, lender and other factors. Verify any number with the lender before you act.
Frequently asked questions
Why does paying the minimum cost so much?
The minimum barely exceeds the interest, so the balance falls slowly while interest compounds at around 24%. A minimum-only payoff can take well over a decade and cost more than the original balance.
Should I consider a balance transfer?
If your balance is large and your APR is high, a 0% intro-APR balance-transfer card can save real interest — as long as you clear most of it before the intro period ends. Try the balance-transfer calculator.