For your credit card, you’ll need to pay the minimum payment each month. For Santander this is 1% of your balance and any interest and fees you have incurred. Your minimum payment will go down as you reduce your balance.
To pay off your balance sooner, you can fix your monthly payment to an amount higher than your minimum each month. This will save you money on interest charged on your credit card.
Use the calculator to see how much you could save if you increase your monthly payment.
Things to remember when using the calculator
This calculator is for illustrative purposes only.
It assumes:
- There's no other debt on your card. It doesn't include default charges, annual card fees, any future spend or balance transfers.
- Your interest rate could change if you've used cash or a promotional interest rate in the period.
- The credit card balance is on your Santander credit card statement. Other credit card providers have different minimum payment amounts.