Credit Card Debt Payments Calculator

Plug in your numbers to calculate when you'll be debt-free, how much interest you'll pay, along with your progressive balance.


This calculator can be used to work out how long it will take you to pay off your credit card balance by making different repayments. It will also calculate how much money you will end up paying in fees and interest for different repayment amounts.

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How to use the credit card repayments calculator

To find out how long it will take you to pay down any credit card debt you’re carrying and at what total cost, you’ll have to enter in a few key figures. Let’s break a few of those down:


What is the minimum repayment for my credit card?

Even though extra repayments will help you pay off your credit card balance faster, sometimes you just need to know what the minimum repayment amount is. 

This amount will be found on your credit card statement, on your banking app or online banking portal, and on the product disclosure statement for your credit card. 

It will usually be given as a dollar amount or a percentage, and you will have to pay the higher of the two. The percentage is usually between 2% to 3% of your balance.

If you are looking for a specific provider’s minimum repayments, here are some of the ones from the bigger credit card providers on the market at the time of writing:

In all of these cases, if your closing balance is less than either amount, your minimum repayment will be the full balance.


Why is it so hard to pay off credit card debt?

Keep in mind that these calculations are made based on a credit card balance that is not being added to. One of the reasons many people struggle to emerge from credit card debt is that as they continue to make their repayments, they are also spending on their credit cards – and then paying interest on the increased balance.

If you want to start paying down credit card debt, some of the major steps are to stop spending on the card in question and to look into a balance transfer card where you can minimise on the interest you are paying. 


If you want to find out more about credit cards, read more about some of Mozo’s best credit cards.

Credit card comparisons on Mozo - last updated 19 March 2024

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure.
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    NAB Low Rate Card - Balance Transfer Offer

    Spend with confidence with a low 13.49% p.a. variable purchase rate and 0% p.a. interest on balance transfers for the first 28 months (T&Cs apply). 2% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget better when you make minimum repayments. Minimum credit limit $1,000. No annual fee for the first year (usually $59).

    Purchase rate
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    13.49% p.a.
    0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)
    $59 $0 in the first year
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    American Express Platinum Edge Credit Card

    Enjoy $0 Annual Card Fee (usually $195) in the first year when you apply online and are approved. T&Cs apply. New Card Members only. Offer subject to change without notice.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    23.99% p.a.
    No current offer
    $195 $0 in the first year
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  • Apply By 2 April 2024
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    American Express Qantas Ultimate Card

    Receive 100,000 bonus Qantas Points when you apply online by 2 April 2024 , are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.

    Purchase rate
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    23.99% p.a.
    No current offer
    $450
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    American Express Explorer® Credit Card

    Receive 50,000 bonus membership rewards points when you apply online, are approved, and spend $4,000 on eligible purchases on your new card within the first 3 months (T&Cs apply). New Card Members only. Complimentary domestic & international Travel Insurance (T&Cs apply). Up to 55 days interest free on purchases. $395 annual fee.

    Purchase rate
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    23.99% p.a.
    No current offer
    $395
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  • placeholder
    G&C Mutual Bank Platinum Visa Credit Card

    Receive 50,000 bonus Qantas Points when you apply, are approved, and spend $5,000 on eligible purchases on your new G&C Mutual Bank Platinum Visa Credit Card within 90 days. T&Cs apply. Available to new G&C Mutual Bank Card Members only. Earn 10,000 bonus Qantas Points annually. T&Cs apply. Access Platinum Visa Concierge. Add an additional cardholder at no extra cost.

    Purchase rate
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    Annual fee
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    19.99% p.a.
    No current offer
    $299
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  • Apply By 15 May 2024
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    American Express Velocity Platinum Card

    Earn 100,000 bonus Velocity Points when you apply online by 15 May 2024, are approved, and spend $3,000 on eligible purchases on your new American Express Velocity Platinum Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.

    Purchase rate
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    Annual fee
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    23.99% p.a.
    No current offer
    $375
    Velocity Frequent Flyer
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    American Express Qantas Discovery Card

    Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).

    Purchase rate
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    Annual fee
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    23.99% p.a.
    No current offer
    $0
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    American Express Low Rate Credit Card

    Competitive low rate with $0 Annual Fee. Offers Card Refund Cover and Card Purchase Cover. Must have no history of bed debt or payment default, be aged 18 years and over, and be an Australian citizen, permanent resident, or hold a long term visa.

    Purchase rate
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    Annual fee
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    10.99% p.a.
    No current offer
    $0
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    American Express Velocity Escape Card

    Earn 1.75 Velocity Points on eligible purchases within Virgin Australia per $1 spent (T&Cs apply). Enjoy $0 Annual Card fee. Get the security of Card Refund and Purchase Cover. Up to 55 days interest free on purchases. Up to four additional Cards at no extra fee.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    23.99% p.a.
    No current offer
    $0
    Velocity Frequent Flyer
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Credit Card Debt Payments Calculator quick links

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