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- Credit card repayment calculator
Credit card repayment calculator
Enter your balance, interest rate and monthly repayment to see how much interest your balance will cost you, how long it'll take to clear, and what you'd save by paying more each month.
Your repayment estimate
Pay off your card in
Interest will cost
Total to repay
Pay it off faster
Up your payment to £115 a month and you could be debt-free by December 2027 - 13 months sooner, saving £347 in interest.Things to know when using the credit card interest calculator
The calculator gives you an estimate. It assumes:
you have a single balance
your standard annual interest rate applies
you repay the same amount every month
you don't spend anything new
interest is charged the whole time
Your monthly repayment needs to be at least the minimum payment on your statement.
Your actual charges may be different
You may pay less or no interest if you:
pay your statement balance in full each month, or
have a 0% promotional balance
Always check your statement for your actual charges.
How to use this calculator
Enter three details:
Your balance
The total amount currently owed on your credit card.
Your annual interest rate
You can find this on your statement or in your card app. If you have a Zable card, it's shown as the annual compound rate.
Your monthly repayment
The fixed amount you plan to pay each month.
The calculator shows four things:
Total interest
The total interest you'll pay before your balance reaches zero.
Total to repay
Your balance plus all the interest added together.
Time to clear
How many months it will take, and the month your balance will reach zero.
Pay it off faster
Change your monthly repayment amount to see how much sooner you'd clear your balance and how much interest you'd save.
If the calculator shows £0 interest, your monthly repayment covers the full balance. Paying it off in one go before your repayment date means no interest is charged.
How is credit card interest calculated?
Credit card interest is calculated every day, then charged once a month when your statement is produced.
How it works
A daily interest rate is derived from your annual interest rate.
Each day, interest is charged on your outstanding balance.
If you don’t pay off your balance, interest keeps building on what you already owe. This means the amount you pay can grow over time.
When you won’t pay interest
You won’t pay interest on your new statement if you paid your previous statement balance in full by your repayment date.
For more details, read our guide on how credit card interest works.
What can I do to pay less interest?
Pay more than the minimum
Your minimum payment amount is specified in your monthly statement. Paying more reduces the total interest you pay and can clear your balance faster. Use the calculator above to see the exact difference your repayment amount makes.
Pay the full statement balance if you can
If you clear your full statement balance by your repayment date each month, you won't be charged any interest on purchases. This is the most cost-effective way to use a credit card.
Consider a debt consolidation loan
If you have debts across more than one card, a debt consolidation loan combines them into a single monthly payment, potentially at a lower rate than a credit card. Just check the total cost over the full term, as a longer loan can cost more overall, even at a lower rate.
Consider a balance transfer
If you're paying interest on an existing balance and if you're eligible, a balance transfer credit card lets you move that balance to a card with a 0% interest rate for a set period. There's usually a transfer fee, but the interest saving often outweighs it.
