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Credit card repayment calculator


Paying just £10 more than the monthly minimum payment on your credit card balance could save you £405 over time. We show you how.

Pile of credit cards

The average balance on a credit card in the UK is £1,929, according to the British Bankers' Association.

It would take credit card holders around 12 years to clear this debt if they only ever made a standard minimum monthly repayment of £12.

And, assuming a person was being charged 17.9% interest per year - a fairly typical rate - they could potentially incur £1,137 in interest charges.

But paying the minimum plus only £5 extra every month would reduce the time it takes to pay off this balance to seven years, saving £262 in interest charges.

Brits refuse to cut back on small luxuries

Pay £10 extra per month and this cuts the amount of time it would take someone to pay off their debt to five years, saving £405 in interest payments.

Despite this, a quarter of people polled by said they make just the minimum payment on their credit card each month.

While 60% said it's because it's all they can afford, 26% said that rather than prioritising debt repayments they prefer to spend their money on other things.

Of these, 21% of those polled buy takeaway coffee on a weekly basis, 20% get lunch out at work and 38% buy chocolate at least once a week.

Credit card repayment calculator

To show how people could make big savings by paying just a few pounds extra off their monthly card bill, we have launched a credit card repayment calculator.

Simply enter your credit card balance and interest rate.

The calculator shows how long it will take to repay the debt if you: continue to make the minimum payment; pay an extra £5 or £10 a month; or fix the minimum payment for the length of your credit card balance.

Save hundreds of pounds in interest charges

Nerys Lewis, head of credit cards at, says: "We hope our calculator will encourage people to save hundreds of pounds in interest charges.

"By paying a few pounds extra each month above the minimum it's amazing how much quicker you can clear your debt."


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