Credit Card Calculator
See how long it takes to pay off your credit card — and how much interest you can save by paying more than the minimum.
Your Credit Card
Your Repayment Plan
Loan Summary
Next steps with your credit card
Is your interest rate too high?
Compare current credit card rates — a balance transfer or lower rate card could cut your interest significantly.
Consider a personal loan to consolidate
A personal loan at 9–12% is significantly cheaper than a credit card at 20%+. Compare personal loan rates now.
See the full picture
Add your credit card repayments to your budget planner to see how they affect your monthly surplus.
How to pay off your credit card faster
Credit card debt is one of the most expensive forms of borrowing in Australia, with interest rates typically ranging from 13% to 22% per annum. Our credit card calculator helps you understand exactly how long it will take to pay off your balance and how much interest you will pay in total.
The minimum repayment trap
Australian banks set minimum repayments at around 2% of your outstanding balance or $25 — whichever is greater. While this keeps your account in good standing, paying only the minimum means the vast majority of your payment goes toward interest rather than reducing your actual debt. A $5,000 balance at 19.99% paying only the minimum can take over 20 years to pay off and cost more than $7,000 in interest alone.
Tips to pay off credit card debt faster
- Pay as much above the minimum as you can afford each month
- Consider a balance transfer to a 0% interest card to stop interest accumulating
- Set up a direct debit for a fixed amount above the minimum
- Avoid using the card for new purchases while paying down the balance
- Use any windfalls — tax returns, bonuses — to make lump sum payments
All calculations are estimates only and do not constitute financial advice. Please consult a licensed financial adviser before making any decisions.