Credit card payoff calculator
See exactly how long your balance will take to clear, and what it'll really cost you in interest, at your current payment.
Balance over time
See how your balance shrinks month by month, and how a bigger payment changes the curve.
What this means for you
See how much a small increase in your monthly payment would cut off your payoff time and interest.
Compare payment amounts
Even a modest increase in your monthly payment can cut both the time and the interest substantially.
| Scenario | Monthly payment | Time to pay off | Total interest |
|---|---|---|---|
| Current | $0 | — | $0 |
| +$50/month | $0 | — | $0 |
| +$100/month | $0 | — | $0 |
Extra payments go entirely toward the balance, so a bigger payment shortens the payoff time much faster than it grows the payment itself.
Assumptions & sources
Typical NZ credit card interest rate ranges from major banks and low-rate card issuers.
1 July 2026
17 July 2026
Iterative month-by-month simulation: each month's interest is added to the balance, then your payment is subtracted, until the balance reaches zero.
Interest at your chosen rate and a fixed monthly payment, assuming no further spending on the card.
Annual fees, late payment fees, and any promotional or introductory rate periods that may apply to your actual card.
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Read article →Why the payment amount matters so much
Credit card interest compounds daily and is charged monthly on your average balance, so every extra dollar above the minimum payment goes almost entirely toward reducing what you owe rather than covering interest. NZ credit card rates commonly range from 19-26% p.a. on standard and rewards cards, down to around 9.95-13.45% p.a. on dedicated low-rate cards — the gap between those two ranges can easily be hundreds of dollars a year on a typical balance.
If you're only ever making minimum payments, two things are worth doing: check whether a balance transfer to a 0% introductory rate card makes sense, and check whether switching to a genuinely low-rate card would save more than any rewards you're currently earning.
Frequently asked questions
Most standard and rewards cards charge 19-26% p.a., with Airpoints-style cards commonly around 20.95%. Low-rate cards exist from around 9.95-13.45% p.a. but are the exception, usually without rewards attached.
Minimum payments are usually a small percentage of the balance (often 2-3%), so they shrink as your balance shrinks. Because so much of each minimum payment covers interest rather than principal, it can take years and cost far more than the original balance in interest.
