*Note: The results from this credit card repayment calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for credit. This is a rough guide only for ease in simulation.
This calculator is based on making the minimum repayment amount at a 18% interest rate. Minimum repayments are calculated as a percentage of the closing balance, typically 2 or 2.5%, or a set dollar amount, usually around $20, whichever is greater. Your repayment will never be more than your closing balance. Source: MoneySmart.gov.au Credit Card Calculator
There are benefits to having a credit card, although for many they are the source of serious debt. Great alternatives to credit cards include debit cards, prepaid cards, cash and payment services like Paypal or Stripe.