Savings and budgeting
Credit Card Calculator
See how long a card balance takes to clear on minimum repayments, and how much a higher repayment saves.
Your card
$
% p.a.
$
Repayments
% of balance
$
$
Interest saved by paying more
$33,397
Paid off in 2 years, 1 month instead of 55 years, 5 months.
- First minimum repayment
- $160.00
- Minimum repayments: time
- 55 years, 5 months
- Minimum repayments: interest
- $35,210
- Paying $400 a month: time
- 2 years, 1 month
- Paying $400 a month: interest
- $1,813
At a glance
- Minimum repayments
- 55 years, 5 months
- Paying $400 a month
- 2 years, 1 month
- Difference
- $33,397
$35,210 in interest
$1,813 in interest
Less interest paid
Balance owing over time
- Paying $400 a month
- Minimum repayments
Show the figures as a tableHide the table
| Year | Paying $400 a month | Minimum repayments |
|---|---|---|
| 0 | $8,000 | $8,000 |
| 1 | $4,490 | $7,686 |
| 2 | $209 | $7,384 |
| 3 | $0 | $7,094 |
| 4 | $0 | $6,815 |
| 5 | $0 | $6,548 |
| 6 | $0 | $6,291 |
| 7 | $0 | $6,043 |
| 8 | $0 | $5,806 |
| 9 | $0 | $5,578 |
| 10 | $0 | $5,359 |
| 11 | $0 | $5,149 |
| 12 | $0 | $4,946 |
| 13 | $0 | $4,752 |
| 14 | $0 | $4,565 |
| 15 | $0 | $4,386 |
| 16 | $0 | $4,214 |
| 17 | $0 | $4,048 |
| 18 | $0 | $3,889 |
| 19 | $0 | $3,737 |
| 20 | $0 | $3,590 |
| 21 | $0 | $3,449 |
| 22 | $0 | $3,313 |
| 23 | $0 | $3,183 |
| 24 | $0 | $3,058 |
| 25 | $0 | $2,938 |
| 26 | $0 | $2,823 |
| 27 | $0 | $2,712 |
| 28 | $0 | $2,605 |
| 29 | $0 | $2,503 |
| 30 | $0 | $2,405 |
| 31 | $0 | $2,310 |
| 32 | $0 | $2,220 |
| 33 | $0 | $2,132 |
| 34 | $0 | $2,049 |
| 35 | $0 | $1,968 |
| 36 | $0 | $1,891 |
| 37 | $0 | $1,817 |
| 38 | $0 | $1,745 |
| 39 | $0 | $1,677 |
| 40 | $0 | $1,611 |
| 41 | $0 | $1,548 |
| 42 | $0 | $1,487 |
| 43 | $0 | $1,428 |
| 44 | $0 | $1,372 |
| 45 | $0 | $1,318 |
| 46 | $0 | $1,267 |
| 47 | $0 | $1,214 |
| 48 | $0 | $1,152 |
| 49 | $0 | $1,075 |
| 50 | $0 | $982 |
| 51 | $0 | $869 |
| 52 | $0 | $730 |
| 53 | $0 | $561 |
| 54 | $0 | $355 |
| 55 | $0 | $104 |
| 56 | $0 | $0 |
How this calculator works
- Interest is charged monthly at the annual rate divided by 12.
- The minimum repayment is the higher of the percentage of your balance or the minimum dollar amount, so it falls as the balance falls.
- Assumes no new purchases, cash advances or interest-free periods. Any annual fee is added to the balance each year.
Results are general estimates only and are not credit, tax or financial advice. They do not take your objectives, financial situation or needs into account. Check the figures with a licensed professional before making a decision.
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