Credit card calculator
Use our credit card calculator to work out how long it'll take to pay off your balance, or balances, and how much it'll cost you in interest.Open the calculator
How to use the credit card calculator
- Enter the amount you're borrowing into 'Total owed on credit card'.
- Enter your credit card's interest rate into 'Interest rate (APR)'.
- If you're planning to make a set payment every month, enter it into 'Repayment you make every month'.
- Click 'calculate' to see how long your debt will take to repay, and how much interest you'll pay in total.
Or, if you're planning to make only the minimum repayment, enter your minimum payment percentage into the next box. This should be between 3% and 5%, but if you're not sure, ask your credit card provider.
How much is your credit card costing?
If you don't repay all of what you owe on your credit card each month you'll get charged interest on the whole debt - not just the outstanding monthly payment.
By simply paying the minimum amount each month, interest will be added each time to what you still owe. That's why it's so important to try and pay more than the minimum so you start to reduce the time it takes to clear what you owe.
Use our handy credit card calculator to find out how much you're paying in interest on the money you've borrowed and what you could save by paying more than the minimum amount each month.
Get help with credit card debt
If you're struggling with credit card debts, talk to our experts as soon as possible. On a debt management plan we may be able to negotiate reduced payments to make your credit card more affordable or even a freeze in interest and charges.
Your lenders aren't guaranteed to accept these options. But we will talk to them on your behalf. If you do pay less each month, bear in mind that your debt may take longer to clear and cost you more - your lower repayments will also show on your credit report.
- 0161 669 8925
- 0161 669 8925