Credit Card Payoff Calculator
Calculate how long to pay off credit card debt and how much interest you can save with extra payments.
Total monthly: £250
Debt-Free In
3y 1m
Total Interest
£1,126
Total Paid
£6,126
Interest Saved
£1,213
Time Saved
2y 0m
With Extra Payments
Paying an extra £100/month saves you £1,213 in interest and gets you debt-free 2 years faster.
Minimum Payment Warning
Making only minimum payments would take 5 years and cost £2,339 in interest.
Payoff Timeline
Assumes no new charges. Interest calculated monthly at 1.66%.
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How Long Will It Take to Pay Off My Credit Card?
Enter your balance, APR, and monthly payment above to see your exact debt-free date and total interest cost. Adding even a small extra payment each month can cut years off your payoff time and save hundreds or thousands in interest.
On a £3,000 balance at 22% APR, paying only the typical minimum can take over 15 years and cost more in interest than the original debt. Doubling your payment often clears the same balance in under 3 years.
Average UK Credit Card Interest Rates (2026)
| Card Type | Typical APR | Notes |
|---|---|---|
| Standard credit card | ~22% - 27% | Most common rate range |
| Store card | ~25% - 30% | Often the highest rates |
| 0% balance transfer | 0% for 12-24 months | 2-3% transfer fee usually applies |
| 0% purchase card | 0% for 6-18 months | Reverts to standard APR after |
*Indicative rates. Your actual APR depends on your credit profile and provider.
Snowball vs Avalanche: Which Payoff Method Is Best?
Snowball Method
✓Pay off smallest balance first
✓Quick wins build motivation
✗Usually costs slightly more interest
Avalanche Method
✓Pay off highest interest rate first
✓Mathematically saves the most money
✗Slower early progress can feel discouraging
The Minimum Payment Trap
Minimum payments are usually set at 1-3% of your balance, or a small fixed fee, whichever is higher. Because so much of that payment covers interest rather than principal, balances can take decades to clear if you never pay more than the minimum.
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Set up extra payments
Even an extra £25-£50 a month significantly cuts your total interest and payoff time.
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Consider a 0% balance transfer
Moving your balance to a 0% card can pause interest entirely while you pay down the principal, usually for a fee of 2-3%.
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Stop new spending on the card
New purchases while carrying a balance usually earn no interest-free grace period, adding to your interest costs.
⚠️ Important Disclaimer
This calculator is for illustrative purposes only and does not constitute financial advice. Results assume a fixed monthly payment and no new spending on the card. Always check your latest statement for your exact balance and APR, and consult a qualified debt adviser if you're struggling with repayments. Rates verified as of July 2026.
Worked Example: £3,000 at 22% APR
Paying £100 a month on a £3,000 balance at 22% APR takes about 44 months and costs roughly £1,395 in interest. The first month's interest alone is about £55, so little of your first payments reduces the balance.
Doubling the payment to £200 a month clears the balance in about 18 months and cuts the interest to around £540. That is roughly £855 saved by paying an extra £100 a month. Figures are approximate and assume no new spending on the card.
Frequently Asked Questions
Why does paying only the minimum cost so much?
The minimum is often just above the monthly interest, so the balance falls very slowly and interest keeps compounding on what remains.
Is a balance transfer card worth it?
It can be, if the transfer fee is lower than the interest you would save and you clear the balance before the 0% period ends.
Should I pay the highest-APR card first?
Mathematically yes, while paying the minimum on the rest. Some people prefer clearing the smallest balance first for motivation.
Frequently Asked Questions
Should I pay more than the minimum?
Absolutely. Minimum payments often only cover interest. Paying more reduces principal faster and saves thousands in interest.
What is the snowball method?
Pay minimums on all cards, then put extra money toward the card with the smallest balance. Builds momentum as you eliminate debts.
What is the avalanche method?
Pay minimums on all cards, then put extra money toward the card with the highest interest rate. Mathematically optimal, saves most on interest.
Should I use a balance transfer card?
If you have good credit, 0% balance transfer cards (typically 2-3% fee) can save significant interest. Pay off before promotional period ends.
How does this credit card debt calculator work?
Enter your balance, APR and monthly payment. It calculates how quickly you'll clear the debt, the total interest you'll pay, and how much faster and cheaper it gets with extra payments each month.
Key Terms Explained
Plain-English definitions of the financial terms used in this calculator.
- APR (Annual Percentage Rate)
- The yearly cost of borrowing, including interest and standard fees, expressed as a percentage. APR lets you compare loans, credit cards and mortgages on a like-for-like basis, a lower APR means cheaper borrowing.
- Interest Rate
- The percentage charged for borrowing or paid on savings, usually per year. The Bank of England base rate influences most UK mortgage, loan and savings rates.
- Minimum Payment
- The smallest amount a credit card lets you pay each month. Paying only the minimum keeps most of your balance accruing interest, clearing debt can take decades and cost multiples of the original amount.
- Snowball vs Avalanche
- Two debt payoff strategies. Snowball clears the smallest balance first for quick motivational wins; avalanche targets the highest interest rate first, which saves the most money overall.
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Not Financial Advice: This calculator is for informational and educational purposes only. Results are estimates and do not constitute financial advice, recommendations, or regulated advice. We are not authorised or regulated by the Financial Conduct Authority (FCA). Always consult a qualified financial adviser for personalised advice. Tax treatment depends on your individual circumstances and may change. Tax laws and rates may change. Past performance does not guarantee future results.
