Find the fixed monthly payment that clears a credit card balance in the time you choose, and the interest you would pay on the way.
Your credit card statement must include a Minimum Repayment Warning showing how long it would take to clear the balance by paying only the minimum, and what you would pay to clear it in about two years. This calculator lets you choose your own target period and shows the fixed monthly payment needed, assuming you stop using the card for new purchases.
Enter the balance, the card's interest rate and the number of years you want to take. The calculation uses the standard repayment formula: payment = B × r ÷ (1 − (1 + r)^−n), where r is the monthly rate (annual rate ÷ 12) and n the number of months. Actual card interest is usually calculated daily, so the bank's figures will differ slightly.
Worked example (illustrative): a $5,000 balance at 20.99%. To clear it in 2 years you need about $256.90 a month, paying about $1,166 in interest. Over 3 years the payment falls to about $188.35 but interest rises to about $1,781. Over 1 year it is about $465.54 with interest of about $587. By comparison, paying a minimum of 3% of the balance (at least $25) takes over 15 years and costs about $6,000 in interest.
Limits: no new purchases, no fees and a constant rate are assumed. If repayments are already a struggle, contact your bank about hardship and the National Debt Helpline (1800 007 007). See the minimum repayment warning example.
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