Credit Card Repayment Calculator

Updated on 25 May, 2022

How much time and interest you can save by paying more than your minimum repayment.


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Your credit card balance is a debt that must be repaid in monthly repayments. The minimim amount of your credit card debt repayments is a (small) percentage of the total closing balance on the credit card at the end of the month or interest-free period. After the interest-free period, the credit card repayments must equal the minimum amount or additional interest or penalties may be applied to the accumulated credit card debt.

Credit card debts attract interest charges after the interest-free period expires. Monthly minimum credit card repayments are based on a percentage of the total outstanding debt. Your credit card annual fee is also added to your credit card debt and must be repaid. A balance transfer period can also affect how your monthly repayments are calculated. Your credit card has a product disclosure statement that explains how repayments are calculated and applied to your account. InfoChoice has general advice and content guides that may be able to help you understand more about financial products. For more personal advice relating to your individual financial situation, seek advice from an adviser with an australian financial services license.

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