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Your credit card's remaining balance
Plug in your numbers to calculate when you'll be debt-free, how much interest you'll pay, along with your progressive balance.
This calculator can be used to work out how long it will take you to pay off your credit card balance by making different repayments. It will also calculate how much money you will end up paying in fees and interest for different repayment amounts.
Your credit card's remaining balance
To find out how long it will take you to pay down any credit card debt you’re carrying and at what total cost, you’ll have to enter in a few key figures. Let’s break a few of those down:
Credit card balance - This is the total amount owing on your credit card. This should be viewable on your credit card statement, or via your online banking and bank apps.
Monthly payment - The amount you enter as your monthly payment is how much you intend to pay back per month. Changing this figure will change the length of time it takes you to pay off your debt, and the amount of interest you’ll end up paying.
Annual fee - An annual fee is how much your credit card costs per year. If you have a credit card with no annual fee, you’ll enter 0. Rewards credit cards tend to have higher annual fees. If your credit card has a monthly fee instead of an annual fee, multiply it by 12 and put the total in as the annual fee. If your credit card waives the first year fee, you’ll have to subtract one year’s worth of annual fees from the total interest and fees paid.
Interest rate - When you leave a balance on your credit card, it attracts interest. The rate of interest will be listed in the details of the card. The higher the interest rate, the faster your credit card balance will attract interest and the more you will pay on top of the money you initially spent.
Introductory interest rate - Some credit cards will offer an extra low interest rate for a limited period of time. This is usually a 0% introductory rate offer (but can just be a low rate), and can go between 5 months and more than 2 years. Putting in the introductory percentage and term will work out how much you’ll end up paying in interest after the offer expires. If there is no introductory offer, simply select no.
Minimum monthly percentage or minimum monthly amount - These boxes refer to the minimum repayment specified by your credit card and provider. You will find these amounts in your credit card statement.
Even though extra repayments will help you pay off your credit card balance faster, sometimes you just need to know what the minimum repayment amount is.
This amount will be found on your credit card statement, on your banking app or online banking portal, and on the product disclosure statement for your credit card.
It will usually be given as a dollar amount or a percentage, and you will have to pay the higher of the two. The percentage is usually between 2% to 3% of your balance.
If you are looking for a specific provider’s minimum repayments, here are some of the ones from the bigger credit card providers on the market at the time of writing:
American Express credit cards: The higher of $30 or 2.5% of your closing balance
ANZ credit cards: The higher of $25 or 2% of your closing balance
Commonwealth Bank credit cards: The higher of $25 or 2% of your closing balance
Bankwest credit cards: The higher of $20 or 2% of your closing balance
NAB credit cards: The higher of $25 or 2% of your closing balance
St.George credit cards: The higher of $10 or 2% of your closing balance
Westpac credit cards: The higher of $10 or 2% of your closing balance
Bendigo Bank credit cards: The higher of $10 or 3% of your closing balance
In all of these cases, if your closing balance is less than either amount, your minimum repayment will be the full balance.
Keep in mind that these calculations are made based on a credit card balance that is not being added to. One of the reasons many people struggle to emerge from credit card debt is that as they continue to make their repayments, they are also spending on their credit cards – and then paying interest on the increased balance.
If you want to start paying down credit card debt, some of the major steps are to stop spending on the card in question and to look into a balance transfer card where you can minimise on the interest you are paying.
If you want to find out more about credit cards, read more about some of Mozo’s best credit cards.
Spend with confidence with a low 13.49% p.a. variable purchase rate and 0% p.a. interest on balance transfers for the first 28 months (T&Cs apply). 2% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget better when you make minimum repayments. Minimum credit limit $1,000. No annual fee for the first year (usually $59).
Spend with confidence with a low 13.49% p.a. variable purchase rate and 0% p.a. interest on balance transfers for the first 28 months (T&Cs apply). 2% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget better when you make minimum repayments. Minimum credit limit $1,000. No annual fee for the first year (usually $59).
Read our Mozo Review to learn more about the Low Rate Card - Balance Transfer Offer
Receive 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for New American Express Card Members only.
Receive 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for New American Express Card Members only.
Read our Mozo Review to learn more about the Qantas Ultimate Card
Enjoy $0 Annual Card Fee (usually $195) in the first year when you apply online and are approved. T&Cs apply. New Card Members only. Offer subject to change without notice.
Enjoy $0 Annual Card Fee (usually $195) in the first year when you apply online and are approved. T&Cs apply. New Card Members only. Offer subject to change without notice.
Read our Mozo Review to learn more about the Platinum Edge Credit Card
Receive 50,000 bonus membership rewards points when you apply online, are approved, and spend $4,000 on eligible purchases on your new card within the first 3 months (T&Cs apply). New Card Members only. Complimentary domestic & international Travel Insurance (T&Cs apply). Up to 55 days interest free on purchases. $395 annual fee.
Receive 50,000 bonus membership rewards points when you apply online, are approved, and spend $4,000 on eligible purchases on your new card within the first 3 months (T&Cs apply). New Card Members only. Complimentary domestic & international Travel Insurance (T&Cs apply). Up to 55 days interest free on purchases. $395 annual fee.
Read our Mozo Review to learn more about the Explorer® Credit Card
Receive 60,000 bonus Velocity Points when you apply online by 26 June 2024, are approved, and spend $3,000 on eligible purchases on your new Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
Receive 60,000 bonus Velocity Points when you apply online by 26 June 2024, are approved, and spend $3,000 on eligible purchases on your new Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
Read our Mozo Review to learn more about the Velocity Platinum Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
Read our Mozo Review to learn more about the Qantas Discovery Card
Competitive low rate with $0 Annual Fee. Offers Card Refund Cover and Card Purchase Cover. Must have no history of bed debt or payment default, be aged 18 years and over, and be an Australian citizen, permanent resident, or hold a long term visa.
Competitive low rate with $0 Annual Fee. Offers Card Refund Cover and Card Purchase Cover. Must have no history of bed debt or payment default, be aged 18 years and over, and be an Australian citizen, permanent resident, or hold a long term visa.
Read our Mozo Review to learn more about the Low Rate Credit Card
Earn 1.75 Velocity Points on eligible purchases within Virgin Australia per $1 spent (T&Cs apply). Enjoy $0 Annual Card fee. Get the security of Card Refund and Purchase Cover. Up to 55 days interest free on purchases. Up to four additional Cards at no extra fee.
Earn 1.75 Velocity Points on eligible purchases within Virgin Australia per $1 spent (T&Cs apply). Enjoy $0 Annual Card fee. Get the security of Card Refund and Purchase Cover. Up to 55 days interest free on purchases. Up to four additional Cards at no extra fee.
Read our Mozo Review to learn more about the Velocity Escape Card
^See information about the Mozo Experts Choice Credit cards Awards
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