Savings, budgets and cards

Credit Card Calculator

See how long a card balance takes to clear on minimum repayments, and how much a higher repayment saves.

Cost: Free
Your figures: Stay in your browser
Method: Set out below

Balance owing

Interest rate

% p.a.

The purchase rate on your statement.

Minimum repayment

% of balance

Your statement shows it. Many cards use 2% or 3%.

Minimum in dollars

The minimum never falls below this. A balance under it is due in full.

Annual card fee

Your monthly repayment

If this is less than the minimum in a month, the minimum is paid instead.

Interest saved

$23,475

Paid off 48 years 3 months sooner, in 2 years 1 month instead of 50 years 4 months.

Time to pay off: 50 years 4 months; 2 years 1 month
Total interest: $24,683; $1,207
Total paid: $29,683; $6,207
First payment: $101.75; $250.00

Your card statement must show how long the balance would take to clear on minimum repayments alone. Look for the Minimum Repayment Warning.

Talk to a broker

Estimate only, based on the figures entered and the assumptions listed below. It is not a quote, an offer of credit or personal advice.

Card balance over time

The balance at the end of each year, with no new spending on the card.

Minimum only
Your repayment

Show the figures as a table

Card balance at the end of each year, paying the minimum only and paying your repayment
Point	Minimum only	Your repayment
Now	$5,000	$5,000
End of year 1	$4,831	$2,850
End of year 2	$4,668	$204
End of year 3	$4,510	$0
End of year 4	$4,358
End of year 5	$4,211
End of year 6	$4,069
End of year 7	$3,931
End of year 8	$3,799
End of year 9	$3,670
End of year 10	$3,547
End of year 11	$3,427
End of year 12	$3,311
End of year 13	$3,199
End of year 14	$3,091
End of year 15	$2,987
End of year 16	$2,886
End of year 17	$2,789
End of year 18	$2,694
End of year 19	$2,603
End of year 20	$2,516
End of year 21	$2,431
End of year 22	$2,349
End of year 23	$2,269
End of year 24	$2,193
End of year 25	$2,119
End of year 26	$2,047
End of year 27	$1,978
End of year 28	$1,911
End of year 29	$1,847
End of year 30	$1,784
End of year 31	$1,724
End of year 32	$1,666
End of year 33	$1,610
End of year 34	$1,555
End of year 35	$1,503
End of year 36	$1,452
End of year 37	$1,403
End of year 38	$1,356
End of year 39	$1,310
End of year 40	$1,266
End of year 41	$1,223
End of year 42	$1,175
End of year 43	$1,116
End of year 44	$1,044
End of year 45	$955
End of year 46	$845
End of year 47	$710
End of year 48	$543
End of year 49	$339
End of year 50	$86
End of year 51	$0

How this calculator works

The minimum repayment falls as the balance falls, which is why paying only the minimum can take decades. A fixed higher repayment clears the card far sooner.

Credit card limits also count against your borrowing power, so clearing and closing a card can help a home loan application.

Assumptions

No further spending or cash advances on the card.
Interest is charged monthly at the annual rate divided by 12. Interest free periods are not taken into account.
The minimum repayment each month is the larger of the percentage of the balance and the dollar minimum, or the full balance if that is less.
Any annual fee is added to the balance once a year while it is being repaid.

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Send through your figures and we will run them against our panel of 45 lenders for a real answer.

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