Calculate how long it takes to pay off your credit card and how much interest you'll pay. See the cost of only making minimum payments.
| Scenario | Months | Total interest |
|---|
Average Australian credit card purchase rate is approximately 20% p.a. Low-rate cards offer 8–13% p.a. Interest-free periods (up to 55 days) apply only if the balance is paid in full each month.
On a $5,000 balance at 20% p.a., paying only the minimum 2% per month takes over 30 years and costs more than $7,000 in interest — more than the original debt.