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
The purchase rate on your statement.
Your statement shows it. Many cards use 2% or 3%.
The minimum never falls below this. A balance under it is due in full.
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
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
Minimum only ends at $0. Your repayment ends at $0.
Show the figures as a tableHide the table
| 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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