Credit Card Repayment Calculator

Find out when you’ll be debt-free, how much interest you’ll pay, and how much longer minimum repayments would take.

Card balance

Interest rate

The purchase rate on your statement

Monthly repayment

This month’s minimum: $127.19

More options

Your card’s minimum repayment

At least $25, unless the balance is less

Debt-free in

2 years 10 months

Paying $200 a month on $5,000 at 20.99%

Total interest: $1,632
Paying only the minimum: 22 years 8 months

Balance$5,000
Interest$1,632

What this means

Paying only the minimum would take 22 years 8 months. Everything you pay above the minimum goes straight off the balance, which is why paying more clears it so much faster.

Card interest is usually the most expensive debt you can have, so it’s worth clearing before saving beyond an emergency fund.

Next step

Your plan against the minimum

	Your plan	Minimum only
First repayment	$200.00	$127.19
Time to clear	2 years 10 months	22 years 8 months
Total interest	$1,632	$9,538
Total paid	$6,632	$14,538

Paying $200 a month saves $7,906 in interest against the minimum.

To be debt-free sooner

Clear it in	Pay a month	Interest
1 year	$465.54	$586
2 years	$256.90	$1,166
3 years	$188.35	$1,781
5 years	$135.24	$3,114

0% balance transfer offers often run for 12 to 24 months, sometimes with a fee of 1% to 3%. Anything left after that is charged at the card’s normal rate.

Assumptions in this estimate

Interest is added monthly at one-twelfth of the yearly rate. Card providers usually work it out daily, so your statements may differ slightly.
Assumes you don’t spend anything new on the card, the rate stays the same, and there are no fees or late charges.
The minimum repayment is 2.5% of the balance, or $25 if that’s more, so it falls as the balance falls.
Minimum repayments are usually 2% to 3% of the balance, or $20 to $30 if that’s more. Your statement must show how long paying only the minimum would take.
Standard cards from the big banks often charge around 20% to 21% a year. Low-rate cards can be about 13%.

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How the calculator works

Your plan: each month, interest is added and your repayment comes off, until the balance is cleared.
Paying only the minimum: worked out with your card’s minimum repayment formula, which you can change under More options.
To be debt-free sooner: the monthly repayment that would clear the balance in 1, 2, 3 or 5 years.

Paying more makes a big difference

$5,000 at 20.99% a year:

Monthly repayment	Time to clear	Total interest
Minimum only, 2.5%	22 years 8 months	$9,538
$200	2 years 10 months	$1,632
$400	1 year 3 months	$692

Standard cards from the big banks often charge around 20% to 21% a year.

Tips to clear it faster

Stop using the card while you pay it off.
Pay more than the minimum, even a little.
With more than one card, pay the minimum on each and put anything extra on the one with the highest rate.

Last updated October 14, 2026

Frequently asked questions

How long will it take to pay off $5,000 on a credit card?

At 20.99%, repaying $200 a month clears it in 2 years 10 months, with $1,632 of interest. Paying only a 2.5% minimum (at least $25) would take 22 years 8 months and cost $9,538 in interest.

How much should I repay to clear it in 3 years?

On $5,000 at 20.99%, $188.35 a month. To clear it in 2 years, $256.90 a month.

Why do minimum repayments take so long?

The minimum falls as your balance falls, and much of each repayment goes on interest. Your statement must show how long paying only the minimum would take.

Is a balance transfer worth it?

0% balance transfer offers often run for 12 to 24 months, sometimes with a fee of 1% to 3%. It usually pays off if you clear the balance before the offer ends and don’t add new spending, because what’s left then is charged at the card’s normal rate.