Credit Card Repayment Calculator, Calculate Interest

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
	Citibank Clear Platinum Card	Low interest rate on purchases and a great balance transfer offer	11.99%	0% for 12 months with 3% balance transfer fee	$99	21.74%
	Citibank Rewards Credit Card – Platinum Card	Low interest rate and balance transfer rate, from one of Australia’s most respected banks.	20.99%	0.9% for 15 months	$199	21.74%
	ANZ Platinum Credit Card	One of the cheapest credit cards available in Australia for purchases and balance transfers.	0% for 6 months (reverts to 19.39% )	0% for 6 months	$0 annual fee for the first year ($87 thereafter)	20.99%
	HSBC Credit Card	Great balance transfer offer with a no annual fee for life.	17.99%	0% for 8 months with 2% balance transfer fee	$0	21.99%
	ANZ Low Rate MasterCard – Balance Transfer	Low interest credit card offering great value with a low purchase rate offer.	0% for 3 months (reverts to 13.39% )	0% for 3 months	$58	21.49%
	NAB Gold Card	Solid offer with balance transfers, plus gold card benefits	19.49%	1% for 12 months	$90	21.74%
	Bankwest Breeze MasterCard	Low interest rate on balance transfers and purchases.	0% for 6 months (reverts to 10.99% )	4.99% for 9 months	$49	21.99%

How to use the calculator

Step 1
Enter your credit cards and loans into the table at the top. Start by entering the name of the card, then the balance, the interest rate you are paying and the current minimum payment you need to make.

Step 2
Enter the monthly amount of money you can afford to pay your debt off with into the “Minimum payment” box. This is the amount of money you are going to use each month to pay off your credit cards. Select whether you want to pay off the highest balance first (I.e. the Debt Snowball method) or the lowest balance first.

Step 3
You can now see your monthly payment schedule by clicking in the tab at the top.

Step 4

You can now export your monthly payment schedule by clicking at the bottom of the calculator.

Which Card Do I Pay Off First? Prioritising Your Credit Card Payments

Are you faced with a massive credit card repayment bill? If so, you are certainly not alone.

In fact, it can be devastating to own a lot of credit cards and you are wondering how to pay for all of them. A lot of people would love to reduce credit card debts,but have no idea which credit card they should pay off first.

Luckily there are a lot of ways to reduce your credit card debt. For example you could transfer your debt using a balance transfer credit card. If you don’t want this option, then maybe you like to consider just paying off your debt instead.

This can be a tough decision to make if you are faced with a high balance you need to pay off, and a balance that you have on a card with a high interest rate. This article will help you decide which card you should pay off first, and why.

Let’s look how you can pay off debt on three credit cards with the following example.

1. The first credit card you have is a low interest credit card with a 10.99% interest rate on all purchases made, while it also has a $55 annual fee. For example, you have a maintaining balance, which is $2,000, on this credit card and you are paying the minimum every month.
2. The next credit card you own is a rewards credit card with frequent flyer points program. This credit card has a 19.99% interest rate on purchases and has a 44 interest free days.
3. Your third credit card is a petrol rewards credit card. The interest rate for purchases is 19.89% while the credit card has a $79 annual fee. Assuming that you have a balance for this credit card around $500, you will now have to choose which credit card you should pay off first.

How to prioritise credit card repayments:

Choosing which credit card to pay off first isn’t a tough decision. You have to pay the credit card which costs you the most money. As the example stated above, the first credit card that you own costs the most money, not to mention that you are also paying an annual fee as well as interest. Therefore, you have to immediately pay off that large debt first and once done, you might want to close that credit card while proceeding to your other credit cards and pay off those debts.

While tackling your remaining credit cards, you have to decide again which one costs you more money. Since both credit cards have rewards programs, you should compare the features against each other and decide which of the two cards provides you with the better deals while also helping you to save money through its rewards.

The trick in prioritizing credit card repayments is to choose the most expensive card and try to keep its balance at $0. Ensure that you are paying your credit card debts on time so as to avoid penalties and interests.

If you are like a lot of Australians, you may be faced with two different types of credit card debt. You may have a credit card with a high interest rate that needs to be handled, as well as a card with a very high balance that just keeps growing. It is hard to know which one should be paid off first when you are dealing with the high stress level of just keeping up with the payments.

Pay off the high interest rate card first

If you have recently run into some money and can make a large payment towards your debt, then you should choose the card with a high interest rate and make a large payment.

When you have a high interest card, everything you owe compounds every 30 days, and if it has an interest rate of 20% to 30% this can add up very quickly. If you are only able to make the minimum payment on the card every month, it will take you years to pay off your debt and you will end up paying thousands of dollars in interest charges.

While a large debt on a credit card can be very frustrating if the balance is not growing at an incredible rate due to high interest charges, then you should continue paying it off, but put your attention on the high interest rate card.

A card that carries a 20% or more rate of interest only spells trouble once an unmanageable balance has begun to grow. In future years it will still be growing unless you can get control of it now.

You may also want to consider talking to a financial advisor about your situation, if you feel that your debt is completely overwhelming and you cannot envision ever being able to pay it back. If your balance is still at the manageable stage, however, use the advice presented here to make it even easier to deal with.

When dealing with the issue of paying off a card with a high interest rate, or a card with a high balance, put your extra money into the one that has a high rate, so that you can save more money down the road.

Pay Early

The key is to pay as much as the debt off as you can as soon as you can. Credit card debt quickly spirals out of control if you let it. One other option that you have is to consolidate your current debts by using another credit card. If you manage to find a card which gives you a 0% balance transfer deal then it would definitely be worth taking it up. You won’t be charged any interest on your current debts and you will simply be paying the debt off each month.

Are you a Website Owner, Finance Website, Realtor, real estate agent, mortgage broker or real estate professional?

Help your customers repay their credit card today by installing this free credit card calculator on your website.

Feedback?

Do you have some suggestions for the calculator. Simply add your comments in the form below.

Overall, the above are the best credit card payment options that you have available. Most people these days have some form of debt. Getting yourself out of it as quickly as possible should be your first priority.