Credit Card Payoff Calculator
See how long it'll take to clear your card — and how much interest you'll pay along the way.
You'd be debt-free in
Enter your balance, APR and a monthly payment — or set a target payoff date.
How it works
What this calculator does. It shows how long it will take to pay off a credit card balance and how much interest you'll be charged along the way. You can either set a fixed monthly payment to see when you'll be debt-free, or pick a target payoff date to see what monthly payment you'd need to get there.
How the calculation works. Each month the card charges interest on your remaining balance — the APR is split into a monthly rate (APR ÷ 12). Your payment first covers that month's interest, and whatever is left reduces the balance. The lower the balance gets, the less interest is charged the following month, so the same payment clears more debt over time. We simulate this month by month until the balance reaches zero.
A worked example. A £3,000 balance at 21% APR with a fixed payment of £100 a month would take roughly 3 years and 7 months to clear, costing about £1,260 in interest. Increase the payment to £150 and you'd clear it in around 2 years, with interest dropping to about £660 — saving you roughly £600 just by paying £50 more each month.
Why this matters
UK credit card purchase APRs currently sit between 20% and 35%, and store or rewards cards often push higher. That's several times the rate on a personal loan and roughly five times what a top-rate savings account pays. A balance left revolving on a typical card compounds faster than almost any other consumer debt, which is why clearing it usually outranks investing or building deeper savings — pound-for-pound, wiping a 22% APR balance is a guaranteed 22% return, and no risk-free savings product comes close. For most households this makes the credit card the single highest-priority item on the balance sheet, ahead of mortgage overpayments and long-term investing.
Common mistakes
- Paying only the minimum — 1–3% of the balance barely covers the interest, so on a £3,000 balance the payoff can stretch past 25 years and cost more than the original debt in interest.
- Moving a balance to a 0% transfer card without a payoff plan — the promotional window (typically 18–30 months) ends, the standard APR kicks in, and the balance often larger than before because new spending was added.
- Closing the card once it's cleared — this cuts your total available credit, pushes utilisation up on remaining cards, and can lower your credit score. Better to keep it open with a zero balance.
- Snowballing the smallest balance first when APRs vary widely — mathematically the debt avalanche (highest APR first) always saves more interest, even if the snowball feels more motivating.
- Forgetting that cash advances, gambling transactions and some balance transfers carry a higher APR than purchases and start accruing interest immediately, with no grace period.
Beyond the numbers
Three levers move the payoff date more than anything else, and they compound. The first is the monthly payment — even £30–£50 above your current amount typically shaves years off the timeline because every extra pound goes 100% to the balance. The second is the APR itself: shifting the balance to a 0% balance transfer card (typically a 2–4% one-off fee for 18–30 months at 0%) can save hundreds in interest, provided you actually clear the balance before the promo ends. The third — and the one people underestimate — is stopping new spending on the card while paying it down; without it, the calculator's timeline is a moving target that never arrives. Pair this with the Loan Comparison Calculator if you're weighing a personal loan to consolidate, and with the Savings Goal Calculator to plan the small emergency buffer that stops the card being reached for next time.
How to read the results. "Months to clear" is the payoff timeline; "Total interest" is the real cost of carrying the balance. If only the minimum payment is made, payoff can stretch over a decade — even small increases above the minimum dramatically cut both time and interest, because more of every payment goes to the balance instead of the lender.
Figures assume the APR and payment stay constant and no new spending is added to the card.
Frequently asked
Complete Guide
How to Pay Off Credit Card Debt Fast
Credit card debt is one of the most expensive forms of borrowing in the UK, with typical APRs of 20–35%. The good news: a clear plan and a fixed monthly payment can clear even a stubborn balance much faster than you'd expect.
Why minimum payments are a trap
Most UK cards set the minimum payment at around 1–3% of the balance. On a £3,500 balance at 24.9% APR, the minimum mostly covers the interest — barely chipping away at the principal.
Paying just the minimum can stretch a balance into decades of repayment and more than double what you originally borrowed. Switching to a fixed, larger monthly payment is the single biggest lever you have.
Pick a fixed monthly payment you can stick to
Decide on a realistic monthly amount and treat it like a direct debit you can't change. Even an extra £50 a month above the minimum can cut years off a typical balance.
Use our credit card payoff calculator to see your exact payoff date and how much interest you'll save — or work backwards from a target date to see the monthly payment you'd need.
Consider a 0% balance transfer
If your credit score allows, a 0% balance transfer card can pause interest entirely for 12–30 months, sending every pound you pay straight to the balance.
Watch out for the transfer fee (usually 2–4%) and make sure you have a plan to clear the balance before the promo rate ends, or interest snaps back at the standard APR.
Snowball vs avalanche
If you have several cards, the avalanche method (tackle the highest APR first) saves the most interest mathematically. The snowball method (smallest balance first) gives quicker psychological wins.
Either works — the best method is the one you'll actually stick with. Whichever you pick, always pay at least the minimum on every other card to protect your credit score.
Avoid the rebuild trap
Don't keep spending on the card while you're trying to clear it — new purchases get added to the balance and reset your progress. Move the card out of your wallet, freeze it, or set a strict zero-spend rule until it's cleared.