Savings Advice Credit Card Repayment Calculator

Credit Card Minimum Payment Interest Calculator

This calculator will show you how much interest you will end up paying if you make only the minimum required payment on your credit card bill. It will also tell you how many minimum payments you will make before your balance is paid off (up to a maximum of 600 payments).
Instructions: Under Column A enter the total Amount you have outstanding on your credit card. Column B is the annual interest rate on your card which will be on your statement. The card company will also tell you something like "your minimum payment will be 2% of the balance or £5, whichever is higher. These are the figures you will enter in Column C and Column D respectively. Leave the 3 following columns empty and press calculate

A
Amount
Outstanding

B
Annual
Interest
Rate

C
Minimum
Payment
Percent

D
Minimum
Minimum
Payment

Interest
Charges

Number of
Payments

Total #
of Years

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Credit Card Minimum Payment Calculator

Credit cards may seem like an easy way to spread your debt and to spend on this little luxuries we all like to have but do you know how long it will take to pay off or how much you are really paying? Use this calculator to find out how long it will take to pay off if you only pay the minimum each month. You may be in for a nasty surprise !!

For More information on APR's click here.

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