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Credit card interest calculator
What does paying only the minimum really cost? See how long your card takes to clear, the interest it adds, and how much sooner a fixed amount each month gets you out.
20.99% is an example, common on standard cards. Your statement shows yours.
Assumes you stop using the card and nothing else is added. Fees, promotional rates and cash advances aren't included.
Enter your card balance to see what paying only the minimum really costs. For example, $3,000 at 20.99% on a 2% or $25 minimum takes 35 years 6 months and $12,453 in interest.
Pure arithmetic on the numbers you enter. Amounts are in Australian dollars. Free, no ads, and it runs in your browser: what you type isn't sent to us unless you choose to share a result. Spotted a mistake? Let us know. In New Zealand? Use the NZ version.
Questions, answered
- How is credit card interest worked out?
- Most cards work out interest daily on what you owe, at the purchase rate divided by 365, and charge it monthly. On a $3,000 balance at 20.99% that's about $1.73 a day, before anything new is bought.
- Why does the minimum repayment take so long?
- Many Australian cards set the minimum at 2% of the closing balance or $25, whichever is higher. Early on, most of that goes on interest, and as the balance falls so does the minimum. Your statement also shows how long paying only the minimum would take. A fixed amount that doesn't shrink is what clears it.
- What are interest-free days, and how do I lose them?
- Many cards give up to about 44 to 55 interest-free days on purchases, but only if you pay the full closing balance by the due date. Carry a balance and most cards charge interest on new purchases from the day you make them. Check your card's terms for how yours works.
- Where can I get help?
- If repayments are getting on top of you, talk to your lender early about hardship options. The National Debt Helpline is free and confidential: call 1800 007 007 or visit ndh.org.au.
- Is my data stored anywhere?
- No. It all runs in your browser. The only thing that touches our servers is the URL you create with 'Copy share link', which contains just the numbers you entered.