Credit Card Ready Reckoner
For different combinations of amount borrowed, APR and amount paid-off each month, the ready reckoner shows the length of time it would take to clear the debt, and how much interest would be incurred before the balance is cleared.
Note: Apologies, this tool is currently not working correctly for Mac users.
Balance: - £
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APR: - %
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If you pay a fixed amount each month, please enter your payment amount below: Fixed Payment Amount - £ For example, if a cardholder borrowed £1,000 on their credit card with an APR of 14.9%, and paid off a fixed amount of £100 each month, it would take 11 months to clear the balance and the interest cost would be £56.39. |
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If you pay off a percentage of your balance every month, enter the percentage and minimum repayment below (minimum repayments on credit cards in the UK are typically 2%, 3% or 5% of the outstanding balance each month, subject to a minimum of £5 or £10): Percentage: - %
For example, if a cardholder borrowed £1,000 on their credit card with an APR of 14.9%, and paid off 5% each month (subject to a minimum repayment of £10) it would take 5 years and 4 months to clear the balance, and the interest cost would be £253.18. |
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Disclaimer: This calculator is for guidance and information only. It does not constitute financial advice and users use it at their own risk. Any information should be considered with regard to the specific circumstances of a cardholder and the agreement they have with their card provider. The figures used in the example calculations are indicative of a typical credit card product, and are provided for illustrative purposes only.
