Input your balance, interest rate, annual fee, minimum repayment, and how much extra you’re willing to contribute to find out how long it’ll take to pay off your statement.

What is my minimum credit card repayment?

Your credit card statement will show a minimum monthly repayment amount and a due date for that payment. Usually it is quite low, around 2-3% of the total balance and/or a minimum dollar value of $20-$30.

How long will it take to pay off my credit card balance?

RBA data indicates the average interest rate on credit cards is 17.64% p.a. If you had $5,000 of debt and the minimum payment was $30 per month, it would take you 12 years and 7 months to pay off the bill.

It would cost you nearly as much in interest as the principal, with more than $4,227 in interest paid. This is why it’s important to pay extra where you can to avoid debt piling up.


Repayment Timeframe on Minimum Repayment

Interest Paid


3 years 11 months



12y 7m



16y 4m



20y 1m



22y 3m



25y 0m


This is assuming you had a $0 annual fee, a minimum repayment dollar value of $30 or in percentage terms 3.00%, and you haven’t exceeded your credit limit. It also doesn’t take into account interest free periods.

Penalties for not paying off the minimum credit card repayment

The irony is the late fee can be just as expensive as the minimum repayment, often $15-$20 which can be added to your balance, accruing interest. A quick look of your product’s PDS or product disclosure statement will reveal the late/no payment fee. Or you can find it when you compare credit cards with InfoChoice.

Benefits of paying off more than the minimum

In a perfect world you’d pay off your credit card statement in-full by the due date or within the interest-free period and you’d pay no interest at all. However, this isn’t always possible.

By contributing extra to paying off the balance, you can shave months or even years off the repayment timeframe. For example if your repayment was $300 each month, you’d repay it in one year and eight months with just under $778 in interest paid using the parameters above.

Using InfoChoice’s credit card repayment calculator you can see how long it will take to repay your credit card bill, and how much time and money you could save by contributing a little extra.

What if I can’t make more the minimum repayment on my credit card?

If you fail to make the minimum repayment amount before the due date, you’ll likely incur what’s called a late payment fee, which could be just as much. It’ll also show up negatively on your credit report.

You might also consider a balance transfer. These come with a 0% interest free period for a certain period, sometimes up to 36 months. However if you have mountains of debt you’ll need to pay it off in this time or risk facing steep interest rates again. There is also often a fee of around 2-3% to get started which can cost hundreds.

If you’re struggling with debt, it’s important to talk to your lender early, and you may be able to work out a different repayment plan. To seek advice on debt and hardship it’s worthwhile calling the National Debt Helpline at 1800 007 007.