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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.

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

You just need to enter your balance and interest rate, and the calculator shows how long it'll 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.

Why is this significant?

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.

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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