Credit Card Repayment Calculator ☆ Save

The minimum payment is designed to keep you there

Minimum payments are calculated as a small percentage of the balance, so they fall as the balance falls. The debt stretches out for years while interest accumulates. Paying the minimum is not slow progress — it is close to standing still.

Test it above: run your balance at a minimum-style payment, then again at a fixed amount slightly higher, and compare the total interest and the time to clear. The difference is usually startling, and it is entirely within your control.

The rule that clears card debt fastest

Pay a fixed amount every month and never let it drop as the balance drops. If you can pay SDG 1,500 this month, keep paying SDG 1,500 next month even though the required minimum has fallen. That single habit converts a revolving balance into a debt with an end date.

Two supporting rules:

• Stop adding to the balance while you clear it. Paying down a card you are still spending on is the most common reason people feel they are getting nowhere;
• Attack the most expensive debt first. List every debt with its rate and total repayable — the debt payoff planner sequences it for you.

The charges that are easy to miss

• Cash advances are usually charged differently and more expensively than purchases — frequently with interest from day one and no interest-free period. Check your agreement before treating a card as a source of cash;
• Annual and monthly fees, which continue whether or not you use the card;
• Late payment charges, and the interest-rate consequences of missed payments;
• Foreign transaction fees on cross-border or foreign-currency purchases;
• Credit life or balance protection, where it applies — ask what it costs and whether it is optional.

Before you consolidate

Moving a card balance to a personal loan is often presented as an obvious win because the instalment looks smaller. It is only a win if the total repayable is genuinely lower.

In many markets unsecured personal loans are priced above revolving credit, so consolidation can increase what you pay while making the monthly figure more comfortable. Compare both in the personal loan calculator on total cost, not instalment.

And if you do consolidate, close or reduce the card limit afterwards. Consolidating and then rebuilding the card balance is how one debt becomes two.

Then stop it coming back

Most cleared balances return because nothing changed underneath. Card debt usually starts with an unexpected cost there was no buffer for — so the follow-through is an emergency fund. Even a small one blocks the shocks that restart the cycle. Project it in the savings calculator.

Frequently asked questions

What rate should I enter?

The rate on your statement or credit agreement — and confirm whether it is quoted monthly or annually.

Is it better to pay off the card or save?

Keep a small buffer, then attack the card hard, then rebuild savings properly. Clearing card debt is a guaranteed return that almost no savings account matches.

Will paying it off improve my credit record?

A settled account and a consistent payment history both help. Get written confirmation of settlement and check afterwards that the record was actually updated.

Should I close the card once it is clear?

Not necessarily — a long-standing account in good standing can help your record. Reducing the limit is often the better middle ground if the temptation is the problem.

What if I genuinely cannot pay?

Contact the issuer before you default rather than after. Arrangements are easier to negotiate when you initiate them, and interest accrues while you wait.

Card rates, fees and minimum-payment formulas vary by issuer and market — confirm yours from your agreement. General information, not financial advice.