Depending on your credit usage, you should be responsible with your credit card purchases and repay the money you borrow preferably in a timely manner. As with most things a repayment plan is required for controlling your finances while borrowing money. Our repayment calculator is a free online tool that enables you to create a repayment plan for your credit card or even other debts by simply filling out some values.

You borrow, you repay is the way most loans work, but the interest that’s charged to credit cards is compounded every day meaning you have to factor in more money to repay than you borrowed.

To work out you’re repayment plan you need to consider how much you can easily repay per week, this will enable you to focus on reducing your credit card debt and the amount of interest you will end up paying.

When using our credit card repayment calculator, fill out the amount borrowed and the interest being charged, this will calculate the terms of your transaction and the amount your specify for repayments will determine how long it will take you to fully repay.

Example

• $3000 Borrowed
• 19.99% Interest
• $300 monthly repayments

You’re repayment plan will look like this:

Credit Card Repayment Planning Calculator

In this scenario, you will on average pay $28.55 per month in interest, It will take you 12 months to fully repay, Total interest you will be charged is $342.58 making the total amount repayable $3342. Please not that this calculation does not include fees and charges plus there might be a slight variation in the interest calculations which will alter the outcome.

Try the credit card repayment calculator and start controlling your debt.

If you are concerned with the amount you have to repay, you could consider a balance transfer or lowering your interest rate to ease the repayments, you can test this out by altering the values in the calculator. See how much you could save with a better interest rate or initial period balance transfer.