Helps you:
- See how long it will take to pay off your card(s) if only making the minimum repayment.
- See how much interest that will be paid back when only making the minimum repayment.
- This is not a balance transfer calculator.
*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.
How much is your debt costing you?
It will take you 49 years 2 months to pay back $51,653
Principle: $14,000
Interest: $37,653
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
How to use this credit card calculator
When considering a credit card make sure:
- You are fully informed across terms and pros/cons of the loan.
- Your repayments are manageable.
- You are aware of all fees, costs and total amount to be repaid.
Whilst credit cards are convenient
– there are other options
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.
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