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Credit Card Repayments Calculator

The balance on your credit card at any given time is accruing interest based on the amount owed to the lender. Every lender requires the borrower to make a minimum payment on the debt to cover the interest accrued on the debt; however, making more than the minimum payment can have a dramatic effect on the amount paid in interest and the total time it will take you to repay the loan.

The credit card repayments calculator on this page will help you determine how long it will take you to pay off a credit card balance. This calculator can also compare how much money you will save in interest and how much time you will save by making higher repayments.

To use the credit card repayment calculator, begin by entering your credit card details. What is the annual fee for your charge card? What is the annual interest rate? What is your balance?

Next, enter your monthly repayment details. What is the minimum monthly payment required (in dollars)? What percent of the balance is required to be repaid monthly? These are the minimum payments required by the lender. Completing these fields will show you the amount of time it will take you to repay the loan at the minimum monthly repayment rate and the total amount of interest paid.

You can also choose to enter a higher repayment amount in the higher repayment field. Doing so will allow you to compare the payment time and total interest paid for a higher monthly payment versus the minimum payment only.

Note: the calculator assumes that you will not charge any more purchases to the card.


Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan.

Money-Saving Tip

  • Pay more than the minimum payment each month to reduce the total amount of interest paid and the time it takes to repay the loan. By paying only the minimum payment, the majority of the payment is applied to the interest only, leaving the principal to accrue more interest and continuing the debt cycle. Any payments made over and above the minimum payment will be applied toward the principal, which will reduce the amount of interest accrued over time.

Enquire Now – Just 4 questions to answer

  1. 1 Do you have a home loan? We can still assist even if you do not have a home loan.
  2. 2 Do you have unsecured debts of $7,000 or greater? Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.
  3. 3 Do you receive a regular income?
  4. 4 Have you been bankrupt in the last 13 years?
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Unfortunately, we are unable to assist you.

For further assistance we recommend you:

  • Speak to your Creditors
  • Call AFSA on 1300 364 795
  • Speak with a Financial Counsellor
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Unfortunately, we are unable to assist you at this time.

Please contact us for assistance once you have secured a regular income.

We look forward to your call.

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Unfortunately, we are unable to assist you.

You need to have over $7,000 in unsecured debt to apply.
For further assistance we recommend you:

  • Speak to your Creditors
  • Call AFSA on 1300 364 795
  • Speak with a Financial Counsellor
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FREE Phone Consultation

Australian residents only.

  1. Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.
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Australian residents only

FREE Phone Consultation

Australian residents only.

  1. Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.