See how long it takes to pay off a credit card balance when making only minimum payments, and how much interest you will pay.
Rates as of Q2 2025 (example)
This credit card calculator shows what happens if you only ever make the minimum payment on a credit card balance — how long it would take to clear the debt, and how much interest you'd pay along the way. Minimum payments are typically calculated as a percentage of your balance (subject to a minimum pound amount), which means the payment shrinks as your balance falls — often resulting in a very long payoff time and a large amount of interest.
Each month, interest is charged on the remaining balance, and the minimum payment is calculated as the greater of a percentage of the balance or the minimum payment floor. The portion of the payment above the interest charge reduces the balance. Because the minimum payment is a percentage of a shrinking balance, both the payment and the amount of principal paid off shrink over time — until the balance is small enough that only the floor payment applies.
Formula: Each month: Interest = Balance × (APR ÷ 12 ÷ 100). Minimum Payment = max(Balance × Minimum Payment %, Minimum Payment Floor). Principal Paid = Minimum Payment − Interest. Balance = Balance − Principal Paid. This repeats until the balance reaches zero.
Example: A £2,500 balance at a 22% APR (example rate — enter your actual rate), with a 2% minimum payment and a £25 floor, would take roughly 553 months — more than 46 years — to clear if only minimum payments are made, with total interest of around £15,900. (Note: this example is for illustration purposes only — real cards may have different minimum payment rules, and this scenario assumes no further spending on the card.)
The result above illustrates why making only minimum payments on a credit card is generally an expensive way to manage debt — because the percentage-based minimum payment shrinks along with the balance, the final stretch of repayment (often at the £25 or so floor) can take an extremely long time, during which interest continues to accrue. UK regulators (the FCA) have introduced "persistent debt" rules requiring credit card providers to intervene — for example, by suggesting a higher repayment plan — if a customer has paid more in interest, fees, and charges than they've repaid of their balance over an 18-month period. If you're only able to make minimum payments, it's worth considering whether a 0% balance transfer card (which charges no interest for a promotional period, usually with a transfer fee) or a personal loan at a lower rate could help you clear the balance faster and with less interest — or speaking to a free debt advice service if you're struggling.
Minimum payments are usually a percentage of your balance, so as the balance falls, the minimum payment falls too. In the early stages, most of your payment goes toward interest rather than reducing the balance, and the final stretch — where only the minimum floor payment applies — can take a very long time to clear a relatively small remaining balance.
UK credit card providers are required to identify customers in "persistent debt" — broadly, those who have paid more in interest, fees, and charges than they've repaid of their actual balance over 18 months — and offer help, such as suggesting a higher repayment amount that would clear the balance faster, typically within 3-4 years.
Generally, yes, if you can afford to. Paying more than the minimum reduces the balance faster, meaning less interest accrues overall and the debt is cleared sooner. Use the Credit Card Payoff Calculator to see how a fixed, higher monthly payment compares to the minimum payment scenario shown here.
A balance transfer card allows you to move a balance from one or more existing cards to a new card that charges 0% interest for a promotional period (often many months), usually in exchange for a one-off transfer fee (a percentage of the balance transferred). This can significantly reduce the cost of clearing a balance, provided you pay it off before the 0% period ends.
No — the default is an example only. Credit card APRs vary significantly by provider, card type, and your individual credit profile. Check your card statement or provider for your actual APR, and use that for an accurate result.
This calculator assumes no further spending on the card — it shows how long it would take to clear the existing balance alone. If you continue to add new spending, the balance (and time to clear it) could stay the same or grow, even while making minimum or higher payments.
Disclaimer: The information, rates, and figures provided on this page are for educational and illustrative purposes only and do not constitute financial advice. The default APR and minimum payment terms are sample values and may not reflect the terms of any specific credit card. Actual minimum payment calculations vary by provider. This calculator assumes no further spending on the card. If you are struggling with credit card debt, free and confidential advice is available from services such as StepChange, National Debtline, and Citizens Advice. Always consult a qualified financial adviser for guidance specific to your situation.