Clears in 2 yr 3 mo with £916 interest.
Fixed payment vs minimum only
| Paying £150/month | 2 yr 3 mo · £916 interest |
| Paying the minimum only | 28 yr 9 mo · £5,998 interest |
The monthly minimum shrinks as your balance falls, so most of each payment goes on interest and the debt lingers for years. Paying a fixed amount — even a little above the first minimum — clears it far faster. A 0% balance-transfer card may reduce interest if you can clear the debt before the 0% period ends. New to how the charges work? Read how credit card interest works.
Frequently asked questions
How is the credit card minimum payment worked out?
On most UK cards the monthly minimum is the greater of a percentage of your balance (typically 1% to 2.5%) plus that month’s interest and fees, or a small floor such as £5. Because the percentage is taken from a shrinking balance, the minimum gets smaller every month.
Why does paying the minimum take so long?
When you pay only the minimum, most of each payment goes on interest and barely touches the balance — and the payment itself shrinks as the balance falls. A typical £3,000 balance at around 24% APR can take well over 15 years and cost more in interest than the original debt. Paying a fixed amount breaks the cycle.
What if my payment is less than the interest?
If your monthly payment doesn’t cover the interest charged, the balance grows rather than falls and the card never gets paid off. You need to pay more than the monthly interest to make any progress.
How can I clear a credit card faster?
Pay a fixed amount each month rather than the shrinking minimum, pay more than the minimum whenever you can, and consider a 0% balance-transfer card to pause the interest while you clear the balance. Always tackle the highest-APR debt first if you have several.
Where can I get help with credit card debt?
Free, impartial debt help is available from MoneyHelper, StepChange, National Debtline and Citizens Advice. They can help with budgeting, talking to lenders and formal debt solutions — you never need to pay a company to help with debt.
Related calculators & guides
Sources & guidance
Last reviewed June 2026 against official rates · How we calculate →
An illustration based on the balance, APR and payment you enter, assuming no new spending and a constant rate. Real cards vary the minimum payment formula and may charge fees. If you are struggling with debt, free help is available from MoneyHelper, StepChange and Citizens Advice. Not financial advice.