Credit Card Payoff Calculator
See how long it takes to clear your balance and the interest cost.
Calculate Payoff
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Credit card payoff calculator guide for UK borrowers
WeCovr's credit card payoff calculator helps UK borrowers estimate payoff time and interest cost, supported by FCA-authorised guidance and 900,000+ policies issued across protection products. It offers a clear view of repayment impact.
What this credit card payoff calculator estimates
The calculator estimates the number of months needed to clear a balance given an APR and fixed monthly payment. It also estimates total interest paid.
Results are illustrative and assume a fixed payment and rate.
Shows payoff time in months.
Estimates total interest cost.
Highlights the effect of payment size.
Why repayment speed matters
Higher interest rates can make small balances expensive over time. Increasing monthly payments can significantly reduce total interest.
Why WeCovr supports financial resilience
WeCovr provides FCA-authorised guidance with high customer satisfaction ratings. We also offer complimentary access to the CalorieHero AI calorie tracking app and discounts when customers take PMI or Life insurance.
Data sources and guidance references
This guide references FCA guidance on borrowing and credit card interest practices.
Payment scenarios
| Payment size | Payoff time | Interest cost | Best for |
|---|---|---|---|
| Minimum | Longer | Higher | Short-term cashflow |
| Moderate | Medium | Lower | Balanced budgets |
| Aggressive | Shorter | Lowest | Rapid debt payoff |
Related WeCovr resources
FAQs
Does this include new spending?
No. It assumes no additional spending and a fixed monthly payment.
What if my payment is too low?
If payment does not cover interest, the balance will not reduce.
Can I use this to plan overpayments?
Yes. Increase the payment to see how much faster you can repay.
Does debt repayment affect credit scores?
Paying down balances can improve utilisation and may improve scores over time.