Helps you work out:

  • how long it will take to pay off your card by making minimum repayments
  • how much time and money you’ll save by making higher repayments


It is a model, not a prediction. Results are estimates; the actual amounts may be higher or lower. We cannot predict things that may impact such as changing interest rates.


  • Additional spending: There is no additional spending on the card and no cash advances.
  • Credit card fees: These are not included.
  • Your card balance: The closing balance on your last credit card statement, plus any money spent on your card, plus any interest and fees since the end of your last statement period.
  • Interest rate: The annual interest rate on your credit card. You can find this on your credit card statement, or call your card provider for details.
  • Minimum repayment (first month): Calculated using the card balance and the minimum repayment percentage you enter (or the minimum dollar amount, whichever is higher). The minimum repayment reduces each month as the card balance reduces. Adjust the minimum repayment percentage on this calculator to match the amount shown on your latest credit card statement.
  • Repaying a higher amount: If you repay a higher amount than the minimum repayment, this calculator assumes that amount stays the same each month. The additional repayments will reduce the credit card balance and reduce interest costs. The calculator will default the higher repayment to pay off the card within 2 years, unless the minimum repayment will pay the balance off in under 2 years. This is consistent with messages on your credit card statement.

FAQs - frequently asked questions

Q: How is my minimum repayment calculated?

A: Minimum repayments are calculated as a percentage of the closing balance. This is typically 2 or 2.5%, or a set dollar amount (usually around $20), whichever is greater. Your minimum repayment will never be more than your closing balance.

Q: I can’t afford to increase my repayments, how can I pay off my balance faster?

A: Work out how much money you can afford to repay each month. Keep paying the same amount as the balance reduces, and you will repay your debt faster and save money. See pay off your credit card for more on how to stay on top of your credit card.