Credit card calculator
Helps you work out:
- how long it will take to pay off your card with only minimum
- how much time and money you'll save by making higher
For more information see disclaimer &
assumptions and FAQs below.
Estimated time: 5 mins
Disclaimer and assumptions
It is a model, not a prediction. Results are only
estimates; the actual amounts may be higher or lower. We cannot
predict things that such as movements in interest
- Additional spending - There is no
additional spending on the card and no cash advances.
- Credit card fees - These are not
- Your card balance - This is the closing
balance on your last credit card statement, plus any additional
money you spent on your card plus any interest and fees incurred
since the end of your last statement period.
- Interest rate - This is the annual
interest rate on your credit card. You can find this on your credit
card statement or call your credit card provider for details.
- Minimum repayment (first month) - This is
calculated using the card balance and the minimum repayment
percentage you enter (or the nominated minimum dollar amount,
whichever is higher). The minimum repayment reduces each
month as the card balance reduces. Adjust the minimum monthly
repayment percentage on this calculator to match the amount shown
on your latest credit card statement.
- Repaying a higher amount - If you repay a
higher amount than the minimum required repayment, this calculator
assumes this amount stays constant each month. The additional
repayments will reduce the credit card balance and reduce interest
costs. The calculator will default the higher repayment to pay off
the card within 2 years unless the minimum repayment will pay the
balance off in under 2 years. This is consistent with messages on
your credit card statement.
FAQs - frequently asked questions
Q: How is my minimum repayment calculated?
A: Minimum repayments are calculated as a percentage of the
closing balance, typically 2 or 2.5%, or a set dollar amount,
usually around $20, whichever is greater. Your repayment will never
be more than your closing balance.
Q: I can't afford to increase my repayments, how can I pay my
balance off faster?
A: If you keep paying the same amount as your current repayment,
instead of paying lower repayments as the balance reduces, you will
repay your debt much faster and save money.
Last updated: 15 May 2018