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Credit Card Payoff Calculator: United Kingdom

See how long a credit card takes to pay off at your APR, the interest it costs, what minimums really cost, and the payment to be debt-free by a date.

Reviewed by CentExactRates effective 1 sourceCalculated in your browser. Shared links include inputs.

Britain: the minimum payment is a rule, not an issuer's choice

Britain is one of the few markets where the minimum payment is written into regulation rather than left to the card company. FCA rule CONC 6.7.5, which applies to card and store-card agreements made on or after 1 April 2011, requires the minimum to repay the interest, fees and charges applied that month plus 1% of the amount outstanding, so a British minimum is 1% of the balance added on top of the interest, with a flat floor of about £5 on small balances.

That 1% sounds gentler than the 3% or 5% common elsewhere in Europe, but it is not comparable: because the interest is charged separately, the whole 1% comes off the debt. A 3% minimum with the interest taken out of it repays less principal than Britain's 1% once the rate passes about 24%.

The rule that actually shortens British card debt is a different one. Under the FCA's persistent-debt rules, in force since 2018, an issuer must intervene when a customer has paid more in interest, fees and charges than principal over 18 months, and again at 27 and 36 months, ending in an offer to clear the balance over what the FCA's guidance treats as a reasonable period, normally three to four years. Setting the calculator to minimums and reading the answer in decades is therefore a description of the maths, not of what your issuer is allowed to let happen.

Britain has no interest-rate cap on credit cards, so nothing limits the APR itself.

For how the calculation works, the formula behind it and what it leaves out, see the full guide. For help interpreting a result or comparing it with a quote or statement, read the questions and answers.

Data sources

United Kingdom consumer finance conventionsGOV.UKWithin its effective period

Every document each dataset was read from, its notes and how the figures were checked are listed in the guide's data sources.

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Each country has its own rates, thresholds and rules, and its own page that runs the calculator on them and cites the official sources they came from.

CentExactCalculator publisher

CentExact publishes the calculation method, worked examples and available data sources. Automated checks cover reference calculations; they do not certify a result for your circumstances or imply approval by a lender or tax authority.

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This calculator is for general information only and is not financial advice. Results are estimates based on the figures you enter and the stated formula; lenders and providers may round or calculate differently. Check any decision with the institution involved or a qualified adviser.