Want more from your credit card? Try Ocean's credit card calculator


Want more from your credit card? Try Ocean's credit card calculator

Whether you’re looking for a new credit card or trying to clear the balance on the one you have, a credit card calculator is a useful tool to have at your fingertips.

Credit cards can be a helpful addition to your wallet – providing you’re getting the best from them. But if you think you could get a better deal elsewhere, or that it’s taking you too long to pay off your existing debt, your current card may not be serving you so well.

Read on to learn how a credit card calculator can help you get the most from your plastic.

Repaying your credit card balance

Each month you’ll receive a credit card statement and it’s up to you how much of the balance you choose to clear at this time. Providing it’s at least the minimum payment, you can choose to clear the balance in full or simply pay a portion of it. If you miss your minimum payment, your lender could charge you and your credit history will be affected.

We always advise credit card users to spend only what they can afford to then repay in full at the end of each month. This way, you avoid being charged interest on your borrowing. This is the savviest way to use your card.

However, it’s not always possible to fully clear your credit card balance. If you’ve been struggling to pay much more than your minimum payment, a credit card calculator may help you come up with a new repayment plan.

First things first, if you’re finding it hard to clear your credit card debt, you should stop using your card for the time being. This way you’re only paying off the money that’s on there, and not adding to it.

Next, make use of the Ocean credit card calculator. Simply add how much you currently owe on your credit card, the amount you’re paying towards it each month and the APR. The calculator will then tell you how long it will take you to clear your balance if you stick to paying the amount you are right now.

In the calculator below this one, you can enter your current balance and APR, along with the length of time you’d ideally like to clear your balance in. The calculator will then tell you what you need to pay each month to achieve this.

With this information, you can come up with a new payment plan. We have lots of tips on setting up a credit card repayment schedule here.

Looking for a new credit card

If you’re thinking of taking out a new credit card, a credit calculator can also be helpful.

As we explained above, our calculator shows you how long it will take you to clear your balance at your current rate, and how much time you could save if you increased your payments.

One of the factors that influences how long it will take you to pay off your credit card is the APR. If you have been using your current credit card responsibly – making at least your minimum payment on time every month, not exceeding your limit and not using the card to withdraw cash – this should have a positive impact on your credit history. So, you may now be eligible for a more competitive deal.

Try adding a lower APR and see how much quicker you could clear your balance in. If you think you’re eligible for a card with that rate, it might be worth applying.

The Ocean Credit Card lets you check if you’re eligible before you apply. QuickCheck doesn’t affect your credit history.

Just an estimate

Keep in mind that the results you get from a credit card calculator are just estimates. They don’t take into account things like your interest rate going up or you spending more and increasing your balance.

Having said that, they are still a useful tool. You can use the results you’re given as a guide to help you draw up a repayment schedule for your current credit card or shop around for a new one.

Know if you're accepted before you apply with Ocean's Credit Card QuickCheck

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34.9% APR Representative (variable)
Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender

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