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. 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 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
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. Discover a simple 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.
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
Balance Transfer Credit Cards Comparison
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.
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 firstname.lastname@example.org 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.