Credit card calculator

Credit card calculator icon

Helps you work out:

  • how long it will take to pay off your card with only minimum repayments
  • how much time and money you'll save by making higher repayments

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 rates.


  • Additional spending - There is no additional spending on the card and no cash advances.
  • Credit card fees - These are not included.
  • 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.

Related links

Last updated: 19 Oct 2018