Credit Card Payoff Calculator
Find out how long it will take to clear a credit card balance at a given monthly payment, and how much interest you'll pay along the way. Credit cards charge compound interest, so paying more than the minimum has a large effect on the total cost.
Enter card details
Enter card details and press Calculate payoff.
How credit card interest works
Most cards use a daily periodic rate applied to the average daily balance, but monthly compounding is a very close approximation for this calculator. Interest accrues every month on whatever balance remains — so the smaller you can make the balance, the less interest you'll pay the following month.
Minimum payments (typically 1–3% of the balance) are usually a trap: they are just enough to cover interest plus a small amount of principal, so a balance can take decades to clear.
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Frequently asked questions
Minimum payments are designed to maximise lender profit. A 2% minimum on a £5,000 balance at 22.9% APR barely covers the £95 monthly interest — leaving only £5 to reduce the balance. Paying a fixed £200 a month clears the same balance in about 3 years instead of 30+.
A 0% balance transfer can save hundreds in interest — but usually carries a 2–5% transfer fee. To come out ahead, you must clear the balance before the 0% period ends, or the remaining balance reverts to a high standard rate. Compare the transfer fee against the interest you'd otherwise pay.