Credit Card

How long to pay off your card?

Card balance $5,000

Interest rate (purchases) 20.99%

You pay each month $200

Minimum repayment (example rule) 2.0% of balance

Annual fee $0

The minimum rule is an example, not any bank’s: a percentage of the balance or $25, whichever is more. Your card’s own rule is on your statement.

Paid off in

–

Move a slider to see the difference.

Interest at your repayment –

Interest paying only the minimum –

Minimum only, or pay $200 a month instead
	Minimum only	Pay $200
Time to repay	–	–
Interest	–	–
Annual fees	–	–

Interest charged in the first month –

Interest is worked out monthly at the annual rate divided by 12 — card issuers calculate it daily, so their figures will differ slightly. Assumes no new purchases, cash advances, other fees or promotional rates, and the same rate throughout. The annual fee is counted once for each year, or part year, the card is still being paid off, from the first month; it is not added to the balance, so it earns no interest. The minimum rule is an example; check your statement for your card’s. Indicative only. Not financial advice.