You’ll be paying off the amount you borrowed for longer, and could end up paying much more overall. This means your borrowing will cost more than you may have originally anticipated. If you are able to pay more each month, you will pay off your balance quicker and you’ll pay less interest.
To get an idea of the difference, and why it’s important for you to contact us about your options, see the example in the table below based on a £3,000 balance with an APR of 19.9%, a minimum payment amount of 1% plus interest and fees and no further spend on the card:
|Minimum monthly payment*
|Additional monthly payment
|Total monthly payment
|Time taken to repay
|More than 27 years
*Minimum payment will increase or decrease as the balance changes
To find out more about how long it will take you to repay your balance, how much interest you might pay and how much you could save by paying more than the minimum each month, go to the UK Finance Calculator . There you will find an independent calculator provided by UK Finance.
If you're in long-term debt after 36 months, we'll write to you and go through your options.
This will include moving onto a payment plan. This is where your monthly payment would change to the amount you'd need to pay to clear your balance over 3 or 4 years. This means you'd pay less interest and pay your balance off more quickly.
If you don't get in contact with us after 36 months, we may suspend your card to stop you from increasing the balance further.
To learn more about your options, such as the estimated time to pay off your existing balance, you can try the UK Finance Calculator
Need help with the cost of living?
If you’re worried about keeping up with the cost of living, you’re not alone. To help you make the best decisions for you and your family, we’ve put together a range of resources, tips and tools that you can use whenever you need them. Visit our cost of living hub.