ESTIMATED REPAYMENT TIME
0 Months
Enter your balance, APR and monthly payment.
This calculator gives a simple estimate of repayment time and borrowing cost. Actual repayment terms may vary depending on card provider conditions and future balance changes.
How to calculate credit card repayment cost
Credit card balances can take longer to repay when interest charges continue to be added each month. The repayment time depends on the balance, the annual percentage rate (APR), and how much is paid monthly.
Example: £3,000 balance
If a balance of £3,000 has an APR of 24% and monthly payments of £100 are made, part of each payment goes towards borrowing costs and the rest reduces the balance.
Increasing the monthly payment usually reduces both the repayment period and the total borrowing cost.
What this calculator is for
This calculator estimates how long it may take to clear a credit card balance based on a fixed monthly payment. It also estimates the overall borrowing cost over the repayment period.
It can help with budgeting, repayment planning and understanding how repayment amounts affect long-term borrowing.
Why repayment time matters
Lower monthly payments may reduce short-term pressure but can increase the overall borrowing cost and extend repayment over many years.
Paying more than the minimum amount can reduce the repayment period significantly.
Important note
This calculator is for general informational purposes only. Actual repayment amounts, fees and borrowing costs may vary depending on card terms, future transactions and provider conditions.
Frequently Asked Questions
What is APR?
APR stands for Annual Percentage Rate. It represents the yearly borrowing rate used by lenders for credit products such as credit cards.
Does this calculator include compounded borrowing costs?
Yes. The calculator estimates repayment using monthly balance growth based on the APR entered.
Can higher monthly payments reduce repayment time?
Yes. Increasing monthly payments usually reduces both repayment time and total borrowing cost.
Does this include fees or charges?
No. This calculator gives a simplified estimate and does not include late fees, balance transfer fees or additional card charges.
Can repayment times vary?
Yes. Actual repayment time depends on future spending, payment behaviour, provider conditions and changes to borrowing rates.