Credit Card Calculator
Want a more accurate result?
What the six numbers on this calculator mean
Annual card fee
Annual interest rate
Balance outstanding
Minimum repayment required (%)
Minimum repayment required ($)
Choose higher repayment
What this calculator does not do
Worked example: a $10,000 balance at 18 per cent
Paying the minimum
Total interest paid: $14,627
More than triple the original balance, paid in interest alone, on a debt most people expect to clear in a few years.
Paying $300 a month
Total interest paid: $3,967
Roughly $170 a month more than the starting minimum repayment, on the same $10,000 balance.
These are estimates only. They assume the rate and the higher repayment stay constant and that no new spending is added to the card, which is rarely exactly true in practice.
Why the minimum repayment keeps shrinking
Interest rate versus comparison rate on a credit card
Home loans, car loans, personal loans
Credit cards
When a balance is bigger than a repayment plan can fix
Before you rely on this number
If a card balance is one part of a wider picture, personal loans and credit check and repair cover the two most common next steps.
ASIC MoneySmart: credit card calculator and repayment guidance.
ASIC: National Credit Code, Part 10 comparison rate requirement, which generally does not extend to credit cards as continuing credit.
National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Act 2011, which requires credit card statements to carry a minimum repayment warning of this kind. The Bill’s own explanatory memorandum illustrates the reform with a near-identical example: a $10,000 balance at 20 per cent paid at $200 a month.
About the figures on this page. The worked example uses the calculator’s own default inputs, independently checked against a standard amortisation calculation and found to match within normal rounding. The 13 to 22 per cent rate range and the 2 to 3 per cent minimum repayment convention are drawn from published market comparisons, not from an ASIC or RBA data set, and any individual card can sit outside them. Every other figure is illustrative of how the minimum-repayment mechanic behaves and is not a quote for any specific card.
General information only, and not financial advice. Nothing on this page takes your objectives, financial situation or needs into account. Loanity does not arrange or refer credit cards; this tool is provided for general education. Whether a personal loan costs less than carrying a card balance depends on the loan term, the rate and any fees, and is not a recommendation for any individual. Loanity is a credit representative and can provide credit assistance on home loans, personal loans and asset finance once we understand your circumstances.
Credit card calculator questions, answered
How do I calculate my credit card repayments?
Enter the balance, the interest rate and either the minimum repayment terms or a higher fixed amount. The calculator applies that repayment against the balance each month, charges interest on what remains, and repeats until the balance reaches zero. The result is the payoff time and the total interest paid.
What counts as my minimum repayment?
Usually the greater of a percentage of your closing balance, commonly 2 to 3 per cent, or a flat dollar amount such as $10 or $20. Your card statement shows the actual figures your issuer applies, and the calculator’s default fields can be adjusted to match them.
Why does my minimum repayment change every month?
Because it is recalculated against the balance at the time, not fixed at the start like a loan instalment. As the balance falls, the percentage-based portion of the minimum falls with it, which is also why paying only the minimum takes so long to clear a balance.
How much interest will I pay if I only make the minimum payment?
On the calculator’s own example, a $10,000 balance at 18 per cent paid at the minimum comes to $14,627 in interest over almost 32 years. The exact figure depends on your balance, your rate and how your issuer sets the minimum, so run your own numbers above.
Does a small increase above the minimum really make a difference?
Yes, disproportionately so. In the same example, moving from the minimum to $300 a month cuts the payoff from almost 32 years to 4 years and reduces total interest from $14,627 to $3,967. The saving comes from principal being repaid faster, not from a better rate.
Can this calculator tell me my credit limit or my chances of approval?
No. It models the payoff of an existing balance, not what a card issuer would approve. Credit limits and approval decisions depend on your income, expenses, existing debts and credit file together, and only the issuer’s own assessment can answer that.
Is there a comparison rate on a credit card like there is on a home loan?
Generally no. Comparison rates are required under the National Credit Code for fixed-term credit such as home loans and personal loans, but a credit card is continuing credit and usually sits outside that requirement. Compare the rate, the annual fee and any interest-free period separately.
Does the calculator include the annual card fee or other charges?
The annual fee field is included as a separate input and is not folded into the interest calculation. Other charges such as late payment fees, foreign transaction fees or cash advance fees are not modelled, because they only apply in specific circumstances rather than to every balance.
What is the difference between a card’s interest rate and its APR?
In Australian credit card terms they are usually the same figure: the annual percentage rate charged on a carried balance. Where they can differ is on cards with more than one rate, for example a lower promotional rate on balance transfers and a standard rate on new purchases, in which case the calculator should be run once for each rate.
Would a personal loan be cheaper than carrying a credit card balance?
It can be, because personal loan rates are commonly lower than card rates and the repayment is fixed rather than shrinking over time, but it is not automatic. The real cost also depends on the loan term and any fees, and a longer term at a lower rate can still cost more overall. Our personal loan broker page sets out how to weigh that up for your own numbers.
Calculations shown are hypothetical estimates intended to demonstrate the general impact of minimum monthly repayments versus accelerated repayments. This tool assumes a fixed annual percentage rate and does not account for annual card fees, late payment charges, transaction fees, tiered interest rates (such as cash advances), or new purchases added to the balance.
Credit card issuer policies, minimum repayment formulas, and applicable interest rates change over time, and this page may not represent the latest terms set by your card provider. Loanity does not warrant or guarantee the precision or completeness of the payoff timelines or interest totals shown. This information does not constitute credit or debt advice. Contact Loanity to discuss refinancing, debt consolidation, or appropriate credit solutions suited to your specific needs.
