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Credit card calculator

Find out how long it will take to pay off card debts

published: 07 September 2022
Read time: 5 minutes

If you’ve got an outstanding balance on your credit card, our handy calculator will help you work out how long it will take to pay it off

Our credit card calculator will tell you how long it will take to clear your balance and show you how much you could save by increasing repayments or switching to a balance transfer card.

If you’ve got a balance on your card, our calculator can show you how long it will take to pay off at your current interest rate (you can find this on your credit card statements) and monthly repayments. By increasing your monthly repayment, it will also calculate how much faster you can clear your debt and how much you’ll save in overall interest.

Credit Card Calculator

See how much it will cost to pay off your credit card, and how long will it take

How much do you owe on your credit card?


This rate of interest determines how much it costs for you to borrow on the credit card.

You should be able to find it on your statement, usually in a summary box on the back. Unless you have changed cards recently, it's likely to be between about 14.9% and 29.9%.

If you can't find it, get in touch with your card provider - they will be able to tell you simply and quickly.

£0 £1000

Enter the size of the payment you typically make each month.

If you aren't sure, look back at your last three statements to see how much you paid on those.

Use the slider above then update your results to see how adjusting your monthly payments can reduce the total amount you repay

Oops! Are you sure? This doesn't look right.

Oops! You'll need to repay more each month to pay off the card within the next 20 years.

How do I pay off my credit card balance faster?

You either need to increase your repayments or look to move the debt on to a balance transfer card where you’ll pay 0% interest for a set number of months – giving you more time to pay off what you owe without accruing interest.

How does a balance transfer card work?

A balance transfer credit card buys you time to clear your debt, and might be a useful option in the short term.

It functions the same as other credit cards, but its primary use is to allow you to move money onto it, normally from another credit card with a higher interest rate.

There are a few things to understand before you go for a balance transfer card:

  • There is likely to be fee (often around 2% to 3% of your balance for switching the debt to the new card) – although this is often outweighed by the savings you can make from no longer paying interest on your old credit card

  • They are designed specifically for balance transfers and you’re likely to find they charge a higher interest rate if you use them for purchases for example, or spending abroad

  • By clearing your old credit card, you will have to resist the temptation to use its available balance and just rack up additional debt

  • Applying for any form of credit will leave a mark on your credit report that can damage your future ability to borrow. Our eligibility checker tool will only show you the cards that you’re likely to be accepted for

How much will a new credit card cost?

Only a few credit cards come with an annual fee (these normally offer other benefits such as gadget insurance), but they can be expensive if you use them incorrectly.

Some of the key things to avoid include missing minimum payments or breaking your credit limit.

If you don’t clear the balance in full every month, you will also be hit with interest charges and you can also pay over the odds for using your credit card abroad.

Different credit cards have different benefits. Some charge 0% on purchases for a set period, others are fee-free when used abroad.

The important thing is to use your card for the specific reason you got it. Read more on How much does a credit card cost?

Compare credit cards

Whichever type of credit card you want, compare deals on MoneySuperMarket and it’ll be easier to find the right card for you.

Just tell us a little about your finances and what you want to use your new card for and we’ll give you a tailored list of credit cards which you can sort by interest rate, any fees and charges, and how likely it is that you’ll be accepted if you apply.

This can help you keep your credit intact as you can minimise the chance of being rejected and therefore having to apply again in the near future.

Once you’ve found the card you want, just click through to the provider to finalise your application.

If your lender accepts your application, they’ll send you your card in the post along with your own credit limit and interest rate.

When you get your card, you’ll just need to activate it and it’ll be ready to use.