Work out your savings if you pay more than the minimum payment on your credit card.
Illustrative rate, not a lender offer
Interest saved paying more
$10,648
Minimum only
31 years, 10 months
Interest $14,615
$300 a month
3 years, 11 months
Interest $3,967
First minimum repayment $250.00. It falls as the balance falls, which is why the card takes so long to clear.
Yr 32
Minimum only$0
Paying more$0
Calculator results are indicative estimates only and do not constitute a finance quote, offer, approval or financial advice. Actual repayments, rates, fees and loan terms depend on the lender, product and individual circumstances.
How the credit card figures are worked out
- 01
The minimum repayment is a share of the balance, so it falls as the balance falls and the debt drags on.
- 02
A fixed, higher repayment clears the card much faster.
- 03
The calculator assumes no new purchases, and adds the annual fee each year until the card is cleared.
Calculator results are indicative estimates only and do not constitute a finance quote, offer, approval or financial advice. Actual repayments, rates, fees and loan terms depend on the lender, product and individual circumstances.
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