Minimum payment calculator
Paying only the minimum on a credit card stretches the debt over many years, because the minimum shrinks as the balance falls. Enter your balance, APR and minimum terms to see how long it takes, the total interest you pay, and how much sooner you clear the card by fixing your payment instead. Figures assume no new spending on the card.
The UK average purchase APR is around 24%.
On top of interest and charges, UK card minimums include about 1% of the balance, subject to a floor.
The smallest the monthly minimum falls to, often £5 to £25.
Indicative planning estimate from the figures you enter, not advice, a quote, or a credit decision. Reviewed July 2026.
Balance falls slower and slower
Each payment: interest vs principal
Watch this payoff date move as you pay down
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Worked example
For a £3,000 balance at 23.9% APR, the time to clear on the minimum is 183 mo. Total interest: £4,864. Total repaid: £7,864. Cleared sooner if you fix your payment: 127 mo.
How it works
- The card's minimum is usually this month's interest and charges plus about 1% of the balance, subject to a small floor, so as the balance falls the minimum falls with it.
- Because the payment keeps shrinking, the last portion of the debt is paid off incredibly slowly, which is how a modest balance can take many years to clear.
- Almost all of an early minimum payment is interest, so the balance barely moves at the start.
- Fixing your payment at today's minimum, rather than letting it drop each month, clears the card far sooner and saves a large amount of interest.
Frequently asked questions
Why does paying the minimum take so long?
The minimum is a percentage of the balance, so it shrinks every month as the balance falls. Near the end you are paying only a few pounds above the interest, so the balance creeps down very slowly. Fixing your payment at a set amount avoids this and clears the card in a fraction of the time.
How is the minimum payment worked out?
Each month this calculator takes the greater of your floor and this month's interest plus a small percentage of the balance (about 1%). That mirrors the UK rule where the minimum is the higher of interest and charges plus roughly 1% of the balance, or a small fixed amount such as £5. The exact figure varies by card, so treat this as a close, transparent approximation.
What is the single best thing I can do?
Stop the minimum from shrinking. Keep paying at least the first month's minimum as a fixed amount every month, and pay more if you can. Because interest is charged on the whole balance, every extra pound of principal you clear stops future interest for the rest of the term.
Is this financial advice?
No. It is an indicative planning estimate using the figures you enter, not advice, a quote, or a credit decision. Your card's exact minimum formula, fees and any rate changes affect the real numbers.
This calculator gives an indicative planning estimate from the figures you enter. It is not advice, a quote, or a credit decision. CoreFi is a trading name of JG Core Ltd (company 16218779). Figures reviewed July 2026.