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 best way to pay off multiple credit cards by using the Credit Card Finder® credit card repayment calculator. Pay the credit card that charges the highest rate of interest first and you can save money and cut months off the time it takes to you pay off your debts. Use the credit card repayment calculator to find the best 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.

What is the credit card repayment calculator?

This credit card repayment calculator can help you understand your monthly credit card repayments so you can pay your outstanding credit card balance quicker. Plan your monthly credit card repayments and discover how different payment strategies can save you money and cut the time it takes you to pay off your credit card debt.

How to use the credit card calculator

Read about how to use our credit card repayment calculator. You can find out the best way to pay back your card balance in four easy steps:

  • Step 1: Input your card(s) and the balance. Start by entering the name of the card, then the balance, the interest rate of accrual and the minimum monthly repayment. Repeat this step for any other cards.
  • Step 2: Payment strategy. Enter the amount you can afford to pay off your combined debt above the required minimum repayment in the ‘Extra Payment’ field. Next, choose the order of repayments. Select whether you want to pay off the highest balance first (I.e. the Debt Snowball method) or the lowest balance first.
  • Step 3: View the payment schedule. You can view the schedule of repayments by clicking on the view  option at the top of the calculator to see the effect the additional repayments have towards your chosen payment schedule. Click the ‘View Overall Graph’ option at the bottom of the calculator for a visual representation of your repayment schedule.
  • Step 4: Export data. The last step is to export the data to a spreadsheet for your reference. You can do this by selecting . The graph view option allows you to see how making additional repayments can save you money in interest repayments and reduce the time it takes to pay off your total credit card balance.

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
  • 0% p.a. for 3 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

Top Balance Transfer Credit Cards

Rates last updated August 28th, 2015
$
% p.a.
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Interest Saved
St.George Vertigo Visa
Low ongoing rate on purchases, introductory balance transfer offer, plus a low annual fee.
0% p.a. for 3 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
Westpac Low Rate Card
A no frills credit card with a balance transfer offer of 0% p.a. for 18 months with a low rate on purchases and an annual fee of $59 p.a.
0% p.a. for 3 months (reverts to 13.49% p.a.) 0% p.a. for 18 months $59 p.a. More info
NAB Premium Card
Benefit from Premium credit card advantages including travel insurance, higher credit limits and VIP Lost card cover. 0% p.a. for 15 months on balance transfers. Apply by 11 October 2015.
19.74% p.a. 0% p.a. for 15 months $90 p.a. Go to site More info
Virgin No Annual Fee Credit Card
Enjoy a balance transfer offer of 0.9% p.a. for 15 months.
18.99% p.a. 0.9% p.a. for 15 months $0 p.a. Go to site More info
ANZ Low Rate
Save with a low rate on purchases and balance transfers with a low annual fee and ongoing purchase rate.
13.49% p.a. 0% p.a. for 16 months with 2% balance transfer fee $58 p.a. Go to site More info
Citi Simplicity Card
Get low balance transfer offer and no annual fee plus enjoy free bottles of wine from Citibank Dining Program.
19.99% p.a. 0% p.a. for 12 months $0 p.a. More info
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to Platinum benefits including a personal concierge service and VISA Platinum reward program.
19.99% p.a. 0% p.a. for 8 months $0 p.a. Go to site More info
ANZ Platinum Credit Card
A low interest rate offer on balance transfers with a $0 annual fee for the first year.
19.74% p.a. 0% p.a. for 16 months with 2% balance transfer fee $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
HSBC Credit Card
No annual fee for life, plus a low balance transfer offer.
17.99% p.a. 0% p.a. for 6 months $0 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 14 and also earn 3x Velocity Points in the first 3 months.
0% p.a. for 12 months (reverts to 20.74% p.a.) 0% p.a. for 14 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
Citi Clear Platinum Card
A low rate platinum credit card with a great purchase and balance transfer offer.
0% p.a. for 9 months (reverts to 13.99% p.a.) 0% p.a. for 9 months $49 p.a. annual fee for the first year ($99 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
A low interest rate offer on purchases balance transfers as a reduced flight offer up to four times a year.
0% p.a. for 12 months (reverts to 20.74% p.a.) 0% p.a. for 6 months $129 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 40,000 Bonus Qantas Points, complimentary insurance plus a 0% p.a. balance transfer offer for 6 months.
19.99% p.a. 0% p.a. for 6 months $199 p.a. Go to site More info
Citi Rewards Credit Card - Platinum Card
Consolidate your debt with a low balance transfer of 0% p.a. for 24 months and a long purchase rate offer plus a host of platinum privileges. Earn up to Citibank Reward points for every $1 spend.
20.99% p.a. 0% p.a. for 24 months with 2.5% balance transfer fee $199 p.a. Go to site More info

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.

  • The purchase rate of interest varies depending on the type of credit card.

Although cash advance rates also vary slightly from card to card, you’ll often find that it’s roughly 20% p.a. So for arguments sake, we’ll look at credit card debt from purchases. The purchase rate of interest varies depending on the credit card type. Holding a balance on a low fee or low rate credit card will cost you less than a platinum or rewards credit card debt, as the latter has higher rates of interest. Therefore, you’ll want to concentrate on paying off these types of cards first.

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.

newAre 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.


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 best 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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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 28th, 2015
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
St.George Vertigo Platinum
A platinum card with a low interest rate on balance transfers and purchases with a low annual fee.
0% p.a. for 3 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. 21.49% p.a. Go to site More info
NAB Low Rate Credit Card
Low ongoing interest rate on purchases and balance transfers.
0% p.a. for 12 months (reverts to 13.99% p.a.) 4.99% p.a. for 6 months $59 p.a. 21.74% p.a. Go to site More info
American Express Velocity Escape Card
Enjoy 7,500 bonus Velocity Points when you spend $300 within the first 3 months and up to 2.00 points for every dollar you spend, together with a $0 annual fee. Offer ends on 30 September 2015.
20.74% p.a. 0.99% p.a. for 6 months with 1% balance transfer fee $0 p.a. Go to site More info
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to Platinum benefits including a personal concierge service and VISA Platinum reward program.
19.99% p.a. 0% p.a. for 8 months $0 p.a. 21.99% 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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