CardCosts

The UK Cards Association

The way your credit card costs are worked out can be quite complicated.

Use this site to explore how much your card costs you.

How to use this site

This calculator will allow you to explore questions like:

  • If I want to pay off this balance in a year, what do I have to pay each month?
  • If I carry on paying as I've been doing, how long will it take me to pay this off?
  • Can I really afford to make that purchase on my credit card?
  • If I repay more each month, how much will this save me in interest charges?

To get the most accurate picture of how much your credit card costs, complete as many of the boxes on this page as you can with up to date information. You should be able to find all the information you need on your monthly statement.

Important: The calculations produced on this site are intended as a guide only and are not guaranteed to be completely accurate. Read our disclaimer for more information.

Based on the figures you have entered, you would never clear your balance. Please change these figures and try again

As you are paying the minimum payment and have an annual fee, we are unable to process the calculation, as you will not repay the balance on your card

The starting balance must contain a number greater than zero and less than 50,000

You need to enter appropriate repayment values

You need to select a repayment option in 'How you repay'

You need to enter a value for repayment

Please check you have entered the minimum repayment figures correctly

You need to enter a value for the interest rate

Your repayment figure is below the minimum (£ ). Please adjust your figures and try again.

You need to enter figures for the repayment period.

Starting balance (Show different types of balance )

    How much do (or would) you owe on your card? £ * Help?

To enter different types of balances select the 'Show different types of balance' link above.

What is the interest rate? % per year per month Help?

The annual interest rate will normally be the same as your APR, unless your card has an annual fee. To find out more see How interest is calculated on our website. If you don't know the interest rate for your card, you can use the example provided for now, though this could mean the true cost of your card is considerably higher or lower than calculated here.

    1. Purchases £

Interest rate % per year per month Help?

Enter how much of your balance you think comes from purchases, and tell us your card's interest rate for purchases.

2. Balance transfers £

Interest rate % per year per month Help?

Some cards offer special low interest rates for transferring an existing balance from another credit card. If you have a balance transfer on your card, enter the details here. Where this is an introductory rate, remember to come back to this site when this rate ends, to

find out how much more your card will cost you.

  • 3. Cash advances £ *

    Interest rate % per year per month Help?

    You may have used your credit card to withdraw cash, for example from a cash machine. Many cards charge a higher rate of interest for cash. If you have used your credit card in this way, enter how much of your balance you think comes from cash withdrawals and tell us your card's interest rate for cash.

    Average monthly spending

      How much do you spend on this card? £ per month Help?

    If you are likely to continue to spend on your card, enter how much you think you will typically spend each month.

    How you repay * Help?

    Tell us how you currently repay, or are planning to repay. You may have set this up when you first took out the card. If you're not sure, look at your monthly statement .

    • Repay a fixed amount each month: Amount: £ Help?

    You can arrange to pay a fixed amount each month, so long as this is more than the minimum payment your card provider says you must pay. Paying more than the minimum will help you repay your card more quickly. Talk to your card provider about setting up a fixed payment.

  • Repay the minimum plus a fixed amount on top. Amount: £ Help?

    Paying a fixed amount in addition to the minimum will help you repay your card more quickly. You may be able to arrange to do this automatically each month. Talk to your card provider about setting this up.

  • Pay the minimum amount Help?

    Paying the minimum can be a useful option, but it will take you longer and cost you more to clear your balance. You can arrange to pay the minimum automatically each month. Talk to your card provider about setting this up.

  • Repay over a specific period of time: years months Help?

    Select this option if you would like to clear your balance within a fixed period of time.

  • Repay in full each month Help?

    By repaying in full each month, you can avoid being charged any interest and make the most of any interest-free period offered by your card. You can arrange to automatically repay your card in full each month. Talk you your card provider if you wish to set up a fixed payment.

    Additional card details

    Minimum payment rules for your card Help?

    Minimum payment rules can be complicated. If you only pay the minimum amount every month, this can have a big effect on how much your card costs you in the the long term. If you don't know how the minimum payment is worked out for your card, you can use our example for now to provide you with an indication of cost.

    • You must pay % or £ whichever is the highest You must pay % plus monthly interest or £ whichever is the highest

    Most credit cards don't have an annual fee. But if yours does, enter the amount here. Our disclaimer explains how these are applied.

    Source: www.cardcosts.org.uk

    Category: Credit

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