Credit cards Repayment calculator

 

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Example: If you were to repay a balance of £8,000 at a rate of £200 per month with an APR of 16.9%, then it would take 4 years and 9 months to repay the balance in full, at a total cost of £11,403. However, only repaying the mimum of 2.5% would take 28 years and 4 months, at a total cost of £16,407.

Credit card repayment calculator

Find out how much you could save with our handy credit card repayment calculator.

If you're only making the minimum payment on your credit card each month it could take years to clear your balance. And you'll end up paying extra in interest too.

Use our handy credit card repayment calculator to work out when you're likely to pay off your credit card bill and how much quicker you could pay it off by making a higher monthly repayment.

To find out how much you could save, just enter how much you owe on the card and the interest rate (APR) your credit card charges. Type in how much you can afford to repay each month, as well as the minimum repayment percentage allowed by your credit card provider (this will usually be between 1% and 3% of your current balance).

The repayment calculator will show how much quicker you could pay off your balance by making the extra payment, and how much cash you'd save.

Of course, you could save even more money by switching to a Which? Best Rate 0% balance transfer credit card. Use our handy balance transfer calculator to find out how much you could save.

Please note: The calculator above is designed as a guide only. The exact period of time taken to clear your credit card balance will depend on your own circumstances, particularly the date on which you make the monthly repayment. Rounding in the calculations involved may also affect the repayment period by one month.

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