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Credit Card Payoff Calculator  Credit Card Payoff Calculator – How to use it Credit Card Payoff Calculator – Definitions Credit Card Payoff Calculator – Important Information General credit card useful terms |
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Credit Card Payoff Calculator – How to use it This calculator can be used to calculate how much your "total monthly repayments" need to be in order to pay off your credit card balance within the timeframe you set for yourself (a particular number of months). After you enter all the required inputs, the calculator can provide the 'total payment each month' required to meet your pay off goal timeline.The calculator can also be used to demonstrate other payoff period options for you, based on the input you provide. Once you enter all the required fields, you can select "Show other payoff scenarios". This will then provide a graph of different options for payoff periods that will each have a different "total monthly repayment" to meet the particular payoff deadline. |
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Payoff Calculator Definitions Current balance
The current outstanding balance on your credit card. You should be able to find your current outstanding balance by checking your most recent statement or calling your card provider or by visiting their website if you are registered for internet banking. The amount you are currently paying per month on this credit card. Please enter the amount you actually pay on average each month, not the minimum payment amount due. This amount is used to calculate how long it will take you to pay off your balance. Interest rate (Annual Percentage Rate)
The annual interest rate for this credit card. You should be able to find your annual interest rate on your credit card by checking your most recent statement or calling your card provider or by visiting their website. Your goal for paying off this credit card. This is the number of months by which you would like to have completely paid off this credit card balance. Planned additional monthly charges
This refers to total new charges you expect to incur on this credit card per month. For example it may include items like a cash advance fee or foreign currency fee if you plan to use the card overseas. Alternatively you may need to include fees for any Additional Cardholders or Reward Programs associated with your credit card account. It does not refer to purchases or actual cash advances you intend to make on the card, but any additional fees associated with card use, excluding the annual fee.
Your annual fee for this credit card. You should be able to find your current annual fee by checking your most recent statement or calling your card provider or by visiting their website. If you expect to make a significant one-off purchase on your card then it is best to factor it in for calculating your pay off period for your credit card. This does not refer to fees or charges, but actual purchases you intend to make between now and paying off the card in full. Enter the amount to be spent in this field. Months from nowNumber of months before your major purchase will occur. |
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Credit Card Payoff Calculator – Important Information This is an estimate only. It is provided for illustrative purposes only and is based on the accuracy of information provided by you. It does not constitute a quote and is not based on any ANZ specific pricing. ANZ will not store the information provided in this calculator. |
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General credit card useful terms Fees and chargesFees and charges vary between credit cards and are charged for:
What is a cash advance? A cash advance occurs when you use your credit card to get cash from a branch or ATM or make a cash equivalent transaction. What is a promotional offer? From time to time your financial institution may also offer you special promotional offers on your account for example reduced interest on a portion of the balance. Some promotional offers have no interest free days. You should check the specific promotional offer Terms and Conditions on any offers you've accepted for more details. This calculator will not factor in special promotional interest rates on particular portions of your balance. It will only apply the same interest rate (as provided by you) across your entire balance. What is interest? Interest is a charge for providing credit. Interest is applied to the daily outstanding balance on purchases, cash transactions, balance transfers, promotions, interest from previous months and fee charges. "Purchase interest" applies to goods and services you buy using your card. "Cash interest" is charged on cash advances and cash equivalent transactions, for example, when you withdraw cash from a branch or an ATM or buy travellers cheques. How is interest calculated? Interest is calculated on the daily outstanding account balance and is applied at the end of the statement period. The daily interest rate (Annual Percentage Rate divided by 365) is used for this calculation. Where special rates apply, for example, in the case of a balance transfer or promotional offer, the rate that applies to the offer will be used to calculate the daily interest rate on that part of the balance. |
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