Credit Card Repayment Calculator: How to calculate your interest repayments

Struggling to repay your credit card balance? Use our credit card repayment to plan your repayment schedule and pay off your credit cards sooner.

Discover the ultimate way to pay off multiple credit cards by using the Credit Card Finder® credit card repayment calculator. Use the credit card repayment calculator to find the right repayment strategy for you. Plus, if you are looking to calculate what you could potentially save by using a balance transfer, use our balance transfer calculator. A Balance Transfer Credit Card is worth considering to help you repay your credit card debt faster.

Use the balance transfer calculator below to see which credit card will save you the most money

Rates last updated August 25th, 2016
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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Offers 0% p.a. interest rate on balance transfers for 18 months to help you manage your existing credit card balance with a reduced annual fee in the first year.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Interest Visa Card offers 0% p.a. purchase and balance transfer offers for 15 months. Also comes with a low annual fee.
0% p.a. for 15 months with a one off 2% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. Go to site More info
ANZ First Visa Credit Card - Exclusive Offer
Take advantage of this exclusive offer and enjoy 0% p.a. for the first 12 months on balance transfers and 0% p.a. for the first 3 months on purchases.
0% p.a. for 12 months 0% p.a. for 3 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
St.George Vertigo Visa
Benefit from a low interest rate on your everyday purchases combined with a long term 0% p.a. balance transfer offer for 18 months.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
St.George Vertigo Visa

Low Interest Balance Transfer Credit Card

The St.George Vertigo credit card offers a low interest rate on purchases and balance transfers with a low annual fee.

  • $55 p.a. annual fee
  • 1% p.a. for 12 months (reverts to 13.24% p.a.) on purchases
  • 0% p.a. for 18 months on balance transfers
  • Cash Advance Rate of 21.49% p.a.
  • Up to 55 days interest free

How do I prioritise which card to pay off first?

Pay off the card with the highest interest rate first.

It’s common to have more than one piece of plastic in your wallet. Pay off the credit card that costs you the most first. This is the card that’s accruing interest at the highest rate of interest. Rather than leaving this debt to accrue interest, paying this off first will relieve you from a build-up of debt in the long run.

You still need to make the minimum monthly repayment on all your cards to keep your accounts in good standing, but put any spare cash towards the cards with the highest rate of interest first.

Pay as much as you can as early as you can.

Credit card debt can quickly get out of hand, especially since interest compounds. In other words, you can be charged interest on interest. The more and the earlier you can pay, the less you will be charged later on.

Case study: How much can I save by paying the balance charged at the higher interest rate first? 

Let’s have a look at how much you can save by paying the balance charged at the higher rate of interest first. You have two cards, each accruing interest at a different rate:

    • The first card is a low rate credit card. The balance is $2,000 and the purchase rate is 10.99%p.a. The minimum repayment is $40 each month.
    • The second card is a rewards credit card. The balance is also $2,000, but the purchase rate is 19.99%p.a. The minimum repayment is also $40 every month.

By making an additional payment of $20 every month towards the rewards credit card first you’re saving about $310 in interest repayment.

Other tips and things to consider

There are some handy credit card features that can help you reduce your credit card balance.

    • What about a balance transfer? You may even want to consider transferring your outstanding card debt to a 0% balance transfer credit card. You can avoid paying interest during the 0% introductory period. These offers are a great way to bring your credit card debt under control. Just be sure to pay as much as you can during the balance transfer promotional period. When the introductory period ends, the standard interest rate kicks in.
    • Financial hardship. If you’re struggling to meet your credit card repayments, you can ask the credit card provider whether they have hardship provisions. In some cases, you may be able to get a credit card repayment holiday while you get your finances in order.
    • Pay it off and close it. Once you’ve paid off a credit card, why not close the account. Unless you need the card for a specific reason like a direct debit agreement, close the account so you can focus on paying off the next balance. If you keep an account open, the annual fee (if applicable) will be charged on the anniversary from when you opened the account.

Credit card debt is one of the most expensive forms of debt you can have. The longer we leave a credit card balance unpaid, the more it’s going to cost. Pay your credit cards in the right order so you can save time and money. Use our credit card repayment calculator to find out the easiest way to pay off multiple credit cards. Do you have some suggestions for the calculator? Simply add your comments in the form below.


Frequently asked questions

What if I can’t afford to pay any more than the minimum monthly repayment?

Every credit card has a minimum monthly repayment. This is a percentage of your total outstanding balance, usually somewhere around 2.00%. If you only make the minimum monthly repayment each month, you’re going to incur additional interest charges, and in some cases, you may never pay off your balance. If you can’t afford to pay any extra off your credit card debt than the minimum payment, consider a balance transfer.

I need help embedding the credit card repayment calculator on my website.

If you need some help embedding our credit card repayment calculator on your website, you can get in touch with us asking a question using the form at the bottom of this page. You can also send an email to help@finder.com.au and a member of our team will be in touch to give you assistance.

What happens if I miss a credit card repayment?

If you miss a credit card repayment, in some cases you will be charged a late payment fee. Late payment fees are outlined in the credit card product disclosure statement.

How much extra can I pay off my credit card each month?

The good news is that you can pay as much as you like off your credit card as often as you like. There are no restrictions for making extra payments.

Can I set up an automatic payment?

An automatic payment plan is a great way to pay off your credit card. You can set up an automatic payment from a linked bank account so you pay your credit card when you get paid. Speak to the credit card provider to find out how to set up an automatic payment plan.

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American Express Essential Credit Card
American Express Essential Credit Card

Interest rate

14.99

Annual fee

0
More info
ME Bank frank Credit Card
ME Bank frank Credit Card

Interest rate

9.99

Annual fee

0
More info
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

149
More info
ANZ First Visa Credit Card - Exclusive Offer
ANZ First Visa Credit Card - Exclusive Offer

Interest rate

19.74

Annual fee

30
More info
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3 Responses to Credit Card Repayment Calculator: How to calculate your interest repayments

  1. Default Gravatar
    Bruce | September 30, 2008

    Thank you for the calculator. Could you help me with the powered by link html code please?

    It keeps on adding my site along with yours.

Credit Cards Comparison

Rates last updated August 25th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
9.99% p.a. $0 p.a. Go to site More info
Citi Qantas Signature Credit Card
Earn up to 70,000 bonus Qantas Points on eligible spend, plus enjoy a 0% p.a. for 6 months offer on balance transfers.
20.99% p.a. 0% p.a. for 6 months $99 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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