Credit Card Repayment Calculator Australia — Pay Off Your Card Faster

Paying only the minimum on a $5,000 balance at 20% can take over 30 years and cost $10,000+ in interest. Paying $200/month clears it in about 3 years. Increasing repayments dramatically cuts both time and interest.

Standard credit card rates range from 8.99% (low rate cards) to 22.74% p.a. The average is around 16-18%. Always pay the full balance monthly if possible — the interest cost is enormous compared to any rewards earned.

If your card rate is 15-20%, paying it off first gives a guaranteed 15-20% return — better than most investments. Once high-rate debt is cleared, investing makes more sense. Exception: always capture employer-matched super contributions first.