Minimum Credit Card Payment Calculator
See what happens if you only pay the minimum on your credit card: how long it takes, how much interest you pay, and how it compares with a fixed payment.
Your card
Minimum payment rule
Check your statement for your provider’s rule. These defaults are a common pattern, not a guarantee.
Your results
Paying only the minimum
First payment
£58.17
Falls as the balance falls
Time to clear
11 years 9 months
Total interest
£2,728.60
Paying £58.17 every month
Monthly payment
£58.17
Stays the same
Time to clear
4 years 9 months
Total interest
£1,285.11
Keeping your payment at the first minimum saves £1,443.49 in interest and 7 years.
Why minimum payments cost so much
Minimum payments are designed to stop your balance growing, not to clear it quickly. Because they get smaller as the balance falls, most of the early payments go on interest.
Paying a fixed amount equal to your first minimum payment can cut the time and interest dramatically, as the comparison above shows.
If the minimum is hard to afford
Contact your provider as soon as possible, and consider free advice from MoneyHelper, StepChange, Citizens Advice or National Debtline. Paying less than the minimum can lead to charges and affect your credit file.
How to use this calculator
- Enter your balance and APR.
- Check the minimum payment rule on your statement. The defaults (1% of the balance plus interest, with a £25 floor) are a common pattern but not universal.
- Compare paying the minimum each month with paying a fixed amount equal to the first minimum.
How it is calculated
Each month interest is added at APR ÷ 12. The minimum is the greater of your floor and (interest + the percentage of the balance), and it never exceeds what you owe.
Because the minimum shrinks as the balance falls, repayment becomes slower and slower.
Worked example
A £2,000 balance at 22.9% APR with a minimum of interest plus 1% (at least £25) starts at £58.17 a month, takes 141 months to clear and costs £2,728.60 in interest. Paying a fixed £58.17 each month clears it in 57 months with £1,285.11 of interest.
Assumptions and limits
- Your provider’s minimum payment rule may be different. Check your statement and edit the inputs.
- The APR stays constant and there is no new spending.
- Late fees and promotional rates are not included.
Common questions
How is my minimum payment worked out?
Providers set their own rules, often a percentage of the balance plus interest, or a fixed sum if that is higher. Your statement shows your minimum.
What happens if I only pay the minimum?
Your balance falls slowly and you pay much more interest in total. The calculator shows how much more.
Can I change the rule?
Yes. Edit the percentage, the floor and whether interest is added to match your statement.
Does paying more than the minimum help?
Yes. Any extra reduces the balance that interest is charged on, so the debt clears faster and costs less.
Related calculators
- Credit Card Repayment CalculatorHow long to clear a card, what it costs, or the payment needed to finish by a set date.
- Balance Transfer CalculatorIs a balance transfer worth it? Compare the total cost, including the fee.
- Debt-Free Date CalculatorSee the month you could be debt-free using the snowball or avalanche method.
- Debt Consolidation CalculatorCompare your current debts with one consolidation loan, including fees.
These calculators give estimates based on the figures you enter and the assumptions listed above. They are not financial advice. Your numbers are worked out in your browser and are not sent to us.
This page provides general information only. It is not personalised financial, legal or tax advice, and rules and figures can change. Your situation is unique — please check official sources such as GOV.UK and MoneyHelper, and speak to a qualified, FCA-authorised debt adviser before making important decisions about your money.