Find how long it takes to clear a card balance paying only the minimum and how much it costs in interest — the minimum-payment "trap".
Balance and minimum payment
Enter the balance, purchase APR, the 1% balance component and the floor. The minimum here already adds that month's interest, so the balance always falls.
UK cards set the minimum at the greater of (1% of the balance + interest + fees) and a floor (£5–£25). Paying only the minimum can take decades. FCA persistent-debt rules kick in if you pay more in interest+fees than principal over 18 months.
Time to pay off = 15 yrs 5 moIndicative figures. Interest is estimated from the APR applied monthly to the balance, and the minimum is the greater of a percent of the balance or a fixed floor — the real figures depend on your card. Instant in-browser calculation, no account. Last updated: 11 July 2026 · gov.uk: options for paying off your debts.
⚖︎ Results are for informational purposes and do not constitute tax advice. For specific situations, consult a licensed accountant or the relevant tax authority.
Each month interest is added to the balance, and the minimum payment is the percent of the balance or a fixed minimum, whichever is larger:
A £3,000 balance at 24% APR with a 4% minimum: payoff takes about 187 months (over 15 years) and costs roughly £2,800 in interest.
Clearing the balance takes a very long time — often more than a decade — and you pay far more than you borrowed, because most of the minimum goes on interest at first.
It is usually a percentage of the balance (often around 1% plus interest, or a flat 2.5–4%), but never less than a fixed floor of about £5 or £25. As the balance falls, the minimum falls too, which drags out the payoff.
On a £3,000 balance at 24% APR with a 4% minimum, payoff takes about 187 months — over 15 years — and costs roughly £2,800 in interest on top of the £3,000 borrowed.
Because the minimum barely clears the interest; the balance drops extremely slowly while interest piles up each month. A modest balance can end up costing far more than its original value.
Pay a fixed amount above the minimum every month, or move the balance to a 0% balance-transfer card or a lower-rate loan. Even a small amount over the minimum shortens the payoff dramatically.
In theory yes: if the minimum payment is no more than the monthly interest, the balance never falls. UK rules require the minimum to be at least the interest, fees and a slice of the balance, so it does reduce — just slowly.
Many cards work out interest daily on the outstanding balance and then add it once a month. The effect is close to a monthly rate on the balance, which is what this calculator estimates.