Credit Card Payoff Calculator

Money Compare Credit Card Payoff Calculator

Our credit card calculator can help you calculate how much time you need to pay off your credit card and be debt free. You can also use this calculator to work out your monthly credit card payments. It is a useful tool to help you manage your credit card debt. 

Compare credit cards here. 


Credit Card Payoff Calculator


How long will it take to pay off my credit card?

Input the following values to work out how long it will take to pay off your credit card:

Credit card balance: This value is the sum of charges you owe the credit card company. If you don’t know what your balance is, check your most recent credit card statement.

Interest rate (APR): APR stands for the Annual Percentage Rate. It is the amount charged by the credit card issuer, expressed as a percentage of your initial debt. 

Monthly payment: this is the amount you will allocate each month toward paying off your credit card. Remember that the credit card issuers always sets a minimum monthly payment. 

Once you have entered these values, the credit card Payoff Calculator will automatically find out how many months it will take until your card is paid off. 

The calculator also displays the total paid. This figure shows the total sum of all the payments that you’ll make. You will probably notice that the longer it takes to pay off your credit card, the higher the total paid becomes. This shows the impact of interest payments as you pay off your debt – it can be a good motivator to pay off your card balance quickly.


Credit Card Payoff Calculator

How to determine your monthly credit card payments


You can also use the credit card calculator in ‘reverse’ to work out what monthly payments you need to make to pay off your credit card within a specific time.  Simply enter:

  1. Your credit card balance
  2. The Interest rate (APR)
  3. Then choose the amount of time you want to pay the card off in the paid off after field. If you enter 1 year, for example, the calculator with work out the monthly payments you will need to make to pay off the card within 1 year. 

Choose the best credit card for you

Credit cards can be a great tool if you don’t want to carry cash, or if you want to buy something but don’t have enough money in your current account. They have a number of advantages over cash or debit cards – you can build up your credit rating, take advantage of interest-free days, earn rewards on what you spend, and more. 

However, having a credit card that doesn’t reflect your spending style or how you plan to manage your debt can add up to hundreds or thousands of dollars.

We can help you compare New Zealand’s top credit cards instantly side-by-side. Use our Credit Card Comparison Tool to compare credit cards and choose the best credit card for you.

The Money Compare Credit Card Comparison Tool to compare key credit card features and costs to help choose the best credit card for you. You can compare interest rates on purchases, on cash advances and balance transfers; interest-free days, account fees; and rewards.
Learn more about comparing NZ Cashback credit cards, interest free credit cards, Airpoints credit cards, Flybuys credit cards, credit cards with rewards, and credit cards with travel insurance. 

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