Debt · Credit cards
Credit Card Repayment Calculator — Kill the plastic.
See how long your card takes to clear at a fixed payment — and how much interest it costs you.
What you enter
- Card balance
- Interest rate (APR)
- Monthly payment
How this is calculated
Interest compounds monthly at one-twelfth of your APR on the outstanding balance; each month your fixed payment comes off after interest is added. We run this until the balance clears — or flag that it never will, when your payment doesn't cover the monthly interest. The comparison shows what paying only the typical 2% minimum would cost.
Common questions
Why does the minimum payment take so long?
Minimums are set as a small percentage of the balance, so they shrink as the balance shrinks — stretching repayment over decades while interest keeps compounding. A fixed payment, even a modest one, clears the debt orders of magnitude faster because it doesn't shrink.
What does 'the balance never clears' mean?
If your payment is less than or equal to the first month's interest, the balance grows despite paying. At 20% APR on $8,000, interest is about $133/month — pay less than that and you're going backwards. Pay meaningfully more than the interest to make progress.
Is a balance transfer worth it?
A 0% transfer can save serious interest if — and only if — you clear the balance within the promotional period and don't spend on the new card (purchases usually attract full interest immediately). Watch the transfer fee (1–3%) and the revert rate.
How does it rank?
Once you have your result, see how your number compares against your demographic with our full money rank — by age, sex, state and household composition.
Methodology & data
INTEREST COMPOUNDS MONTHLY · INDICATIVE. Australian context, FY 2026–27 tax brackets by default (15% lowest marginal rate from 1 July 2026) with a financial-year selector on tax calculators. Calculations are indicative and based on simplified public models — not personal financial, tax or legal advice. See the full disclaimer.
Primary data sources
- Australian Taxation Office — Taxation Statistics — Individuals Tables 3A & 4A (income by age, sex & state) (2023–24)
- Australian Bureau of Statistics — Household Income and Wealth, Australia — net worth by age & net-worth quintiles (2019–20)
- Australian Taxation Office — Taxation Statistics — Individuals Table 22 (super balance by age) & Table 23A (age × sex) (2023–24)
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- Full money rank — vs your demographic
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