Find out how long it will take to pay off card debts
If you’ve got an outstanding balance on your credit card, our handy interest and repayment calculator will help you work out how long it will take to pay it off based on your APR and monthly payments...
Credit Card Calculator
See how much it will cost to pay off your credit card, and how long will it take
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.
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.
Please enter a valid number
You'll need to repay more each month to pay off the card within the next 20 years
Results
Total amount
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Save money with a balance transfer credit card
Switching to a 0% balance transfer card could save you £200. Play with the filters below to match your circumstance and find out how much you can save.
| Current | Switching | |
|---|---|---|
| Monthly cost | ‐ | ‐ |
| Last installment | ‐ | ‐ |
| Interest cost & fees | ‐ | ‐ |
| What you save | ‐ | ‐ |
* If you do not pay off your balance within the promotional period, you will then be charged interest. For calculation purposes, we've used the interest rate you entered above.
Compare balance transfer cardsMoneySuperMarket is a credit broker – this means we’ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead, we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.
How does the credit card calculator work?
Our credit card interest calculator works out how long it'll take to pay off a credit card and how much interest you'll pay based on:
Your outstanding balance
Your card's APR
How much you repay each month
It'll also show you how much you can save by moving the balance to a low or interest-free balance transfer credit card.
How do I use the credit card interest calculator?
If you want to know how long it'll take to pay off your credit card based on your current monthly repayments:
Enter your balance and the card's APR
Adjust the slider or manually enter your current monthly repayment
The results will automatically update with the month your balance will be paid off by
For example:
If you have an outstanding balance of £3,000 on a card charging 18.9% APR and are paying off £150 each month, you'd repay the credit card just under two years and pay £570 in interest.
Moving the balance to a card with 0% interest for 24 months with a one-off fee of 1.4% would help you pay off the card four months sooner and save you £528 in interest.
If you want to understand how increasing your monthly repayments can help you pay less interest:
Enter your balance and the card's APR.
Adjust the slider or manually enter a monthly repayment
The results will automatically update and show you the total interest you would pay
You can adjust the monthly repayment amount to see what impact this has on the figures.
For example:
Assuming the same balance and APR as before, adjusting your monthly repayments from £150 per month to £200 would help you pay off your balance sooner and accrue £162 less interest.
Increasing this to £300 per month would help you save £305 in interest payments.
Monthly Repayments | Interest Accrued |
|---|---|
£150 | £570 |
£200 | £408 |
£250 | £321 |
£300 | £265 |
This assumes you don't incur fees while repaying the credit card balance, such as defaulting on monthly repayments, exceeding your credit limit, or withdrawing cash. For a more detailed breakdown, check out our full guide on credit card fees and charges.
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If you can’t clear your balance in full each month, pay as much as you can over the minimum amount
Even small changes can help minimise interest - our calculator really highlights this – showing how much you can save in interest payments if you increase your direct debit by as little as £10.
It also shows the savings available if you can shift outstanding debt to a low or even 0% interest balance transfer credit card.
What does APR mean?
APR stands for Annual Percentage Rate and is the total cost of your borrowing for a year.
This is typically the interest rate that credit card holders will have to pay if they don’t clear their balance each month - the higher the APR, the more interest you'll accrue each month on your outstanding balance.
Our guide to credit card APR explains more.
How can I pay off my credit card balance faster?
It may be tempting to just pay the minimum monthly repayment, but if your balance is higher this might not make a dent in your overall credit card debt if you're paying interest.
Interest compounds daily, so if left unchecked your debt will increase and become harder to pay off.
You either need to increase your repayments or look to move the debt onto 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.
Will credit card debt affect my credit score?
If you're utilising most of your credit limit and only making the minimum payment each month, it indicates to lenders that you struggle to manage debt. This can negatively impact your credit score.
How much will a new credit card cost?
Only a few credit cards come with an annual fee, but you are likely to face a charge if you miss minimum payments or exceed your credit limit.
If you don’t clear the balance in full every month, you will also be hit with interest charges. You could pay over the odds for using your credit card abroad, too.
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 with MoneySuperMarket
It’s much easier to find the right credit card for you when you compare with MoneySuperMarket.
Just answer a few quick questions and we’ll show 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.
Once you’ve found the card you want, just click through to the provider to finalise your application.
Author
Jonathan Leggett
Former Senior Content Editor
With over 15 years of experience in online content and journalism, Jonathan is a former MoneySuperMarket’s editor at large and works across our Broadband, Mobiles, Energy and Money channels. Along...
