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Credit card repayment calculator

Find out how much money you could save by changing the way you pay off your credit card.

Add the details from your credit card statement into our calculator and see how long it'll take you to clear your debt if you only pay the minimum amount. Then adjust the slider to see how much you could save by paying a higher fixed amount you can afford each month.

    Take a look at our repayment tips

    Repayment calculator

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      Error: enter a current balance

      The current balance on your credit card.

      £

      Error: enter a valid APR

      Interest rate. You'll find the APR on your credit agreement or by contacting your bank.

      %

      Minimum payment rate. You’ll find this on your statement.

      Error: Please choose an amount between minimum payment and full balance

      How much would you like to pay each month? We estimate your current minimum payment is £0, which decreases each month.

      £
      Minimum Full Balance

      Results are a guideline based on your current balance. We’re assuming that:

      • You’ll make your monthly payments on time
      • You won’t miss payments or go over your limit
      • Your card’s terms and conditions stay the same
      • Your full balance is charged at the same interest rate

      Repayment estimate

      Pay off your card in 0 months Total cost of interest £0
      If you're currently paying the minimum, you could save £0 The extra you'd pay each month is £0 About the same amount as Making minimum payments means you pay much more interest. And as your estimated minimum payment decreases each month, you'll be in debt for longer. See how much you could save by switching to a fixed payment instead.

      If you'd like to change your Direct Debit, simply log in to your account and change the amount you pay each month to a regular fixed amount you can afford.       Log in to my account

      Results are a guideline based on your current balance. We’re assuming that:

      • You’ll make your monthly payments on timeYou’ll make your monthly payments on time
      • You won’t miss payments or go over your limitYou won’t miss payments or go over your limit
      • Your card’s terms and conditions stay the sameYour card’s terms and conditions stay the same
      • Your full balance is charged at the same interest rateYour full balance is charged at the same interest rate

      Helpful information

      Repayment tips
      Repayment terms explained

      Getting started

      • Check your budget and see if you could increase your fixed payments even by a few pounds each month. This will help you pay off your balance faster and reduce the amount of interest you pay.
      • Change to a fixed monthly payment by Direct Debit instead of paying the minimum each month. This could help save you money over the long term.
      • Setting up a Direct Debit also means you’ll never miss a payment. Missing payments could mean being charged a fee and affect your credit score.
      • Make a one-off payment if you have money left over in your budget.
      • If you can, pay your balance in full each month. This way you won’t pay any interest at all.

      Ways to change your credit card payments

      To set up Direct Debit or change the way you pay your credit card each month, login to Online Banking or your Mobile Banking App. If you are a Tesco Bank customer, please get in touch.

        Repayment terms explained

        Balance/Full balance - The amount you have left to pay off on your credit card this month.

        Fixed amount - An amount chosen by you to pay each month, usually via a Direct Debit. In your Tesco Bank account this is called a set amount.

        Interest rate - Your interest rate is the price you pay for borrowing money. You can usually find the yearly interest rate or APR (Annual Percentage Rate) on your statement, credit card agreement or by contacting your provider.

        Minimum payment - A minimum payment is the minimum you must repay on your credit card each month. We work out how much this is based on your card's interest rate and how much you've borrowed. Check on your statement to see which minimum repayment rate applies to your card.

        Minimum payment rate - If you are a Tesco Bank customer, you will see one of three minimum payment rates on your monthly statement:

          • 1% card balance plus interest
          • 2% card balance
          • Double the interest plus £5

          Money worries?

          Worried about making payments or already slipped behind? We're here to help you find the support you need, whatever that may be.

          Find out more