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How to calculate your credit card monthly repayment

Calculate how much you need to pay each month to clear your credit card debt and meet your financial goal.

When you receive your credit card statement each month, you’ll see both the closing balance and a “minimum monthly repayment” amount. While the closing balance is everything you owe, the minimum repayment shows what you have to pay off the card by the due date in order to keep your account in good standing.

Only paying the minimum repayment will help you avoid late payment fees, but it could also take you years to pay off your credit card and it can lead to ongoing credit card debt, interest charges and other risks.

Use the calculator below to determine how long it will take you to pay off your debt based on how much you’re currently paying and how much you’d need to pay each month to meet your financial goal.

Credit card repayment and interest calculator

* Disclaimer: Whilst every effort has been made to ensure the accuracy of this calculator, the results should be used as an indication only. They are neither an offer nor a pre-approval for a credit card.

How is credit card interest calculated?

There are two basic forms of interest, simple and compound, and credit cards accrue compound interest. There are also two parts to a credit card balance, the principal balance and the interest charges. Simple interest is charged as a fixed percentage on only the principal balance, so as you pay it down, regardless of how much you pay, you will pay less interest in the subsequent period. This assumes you are not making any new purchases to add to the principal balance.

Compound interest is charged as a fixed percentage on both the principal balance and the existing interest charges, so as you pay it down, if you’re paying too little, you can end up paying more interest in the subsequent period. This is why it is critical to pay off as much of your statement balance as possible, to avoid paying interest on interest.

What is the minimum I need to pay on my credit card?

Your card issuer sets the minimum monthly repayment on your credit card. This amount varies between credit card issuers but is usually calculated as 1–3% (although it can sometimes can be up to 10%) of your closing balance, with a minimum dollar charge of around S$20 to S$50.

To give you an idea of these costs, here are the minimum monthly repayment requirements of some popular credit card issuers:

Every time you get a credit card statement, the minimum repayment amount will be shown in dollars. This means you won’t have to calculate the percentage owed if you carry a balance.

Using the calculator above, if you input the minimum repayment amount into the ‘Monthly payment’ field, it will tell you how long it will take to pay off your balance. You can then change your payment amount to work towards your goal payoff time, or enter your payoff goal and it will tell you how much to pay each month (assuming you are not making new purchases).

What will happen if I just make the minimum credit card repayment?

If you just make the minimum monthly payment, you’ll only pay off a small percentage of your credit card debt (leaving the majority of your balance to grow with interest). This means your credit card debt could cost you hundreds or thousands of dollars in interest, plus it could take years to pay back. If you continually carry a balance that takes up a large portion of your overall card limit, this can also negatively impact your credit score.

Instead of only paying the minimum repayment, you should always aim to either pay off your balance in full or try to clear as much of the debt you can each month to minimise your interest costs.

Maximising your repayment dollars

Let’s say you have a S$5,000 debt on a credit card with an interest rate of 15% p.a. and you want to work out the most efficient way to pay down the debt.

The minimum monthly payment on your latest credit card statement is S$100 (the greater of S$20 or 2% of the closing balance) but you calculate how much you can save if you start putting money aside and paying S$250 off your card each month.

Minimum monthly repaymentsHigher monthly repayments
Credit card debtS$5,000S$5,000
Interest rate15% p.a.15% p.a.
Monthly repayment amountthe greater of S$20 or 2% of the closing balanceS$250
Total time to pay off debt24 years 5 months2 years
Total interest paidS$7,245.78S$789.73
Total amount savedS$6,456.05

As you can see from the table, you can save a massive S$6,456.05 by making higher repayments and pay your debt off in two years. However, if you were to continue to only make the minimum required payment, it would take more than 24 years to get out of debt. This clearly demonstrates why you should always try to pay more than the minimum monthly payment if possible.

Frequently asked questions

Want to know more about calculating credit card payments or minimum payments? We have answered some of the most commonly asked questions below. You can also use the form below to get in touch with us if you have any other questions.

Compare credit cards

Name Product Reward Cashback Offer Annual Fee Min Income - Singaporean and PR
HSBC Revolution Credit Card
Earn up to 10X Reward points or 4 miles per S$1 spent on qualifying purchases.
Receive up to S$200 cashback. T&Cs apply. Ends 30 April 2021.
S$0 annual fee
S$30,000
New cardholders will be awarded with up to S$200 cashback. S$50 cashback for one qualifying transaction and S$120 cashback upon S$500 minimum spend. Receive an additional S$30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive S$30 cashback. T&Cs apply. Ends 30 April 2021.
UOB PRVI Miles American Express Card
Earn 1.4 miles for every S$1 spent locally with no minimum spend or cap.
Get S$50 cash credit when you apply. T&Cs apply.
S$0 annual fee for the first 1 year and S$256.80 thereafter
S$30,000
Enjoy up to 20,000 bonus miles if you charge S$50,000 to your card in a year. Apply today and enjoy free transfers to Changi Airport.
HSBC Visa Platinum Credit Card
Earn 1 Reward point for every $1 on all spend.
Up to 5% cash rebates on groceries, dining and fuel with minimum monthly spend of at least S$600.
S$0 annual fee for the first 2 years and S$192.60 thereafter
S$30,000
New cardholders will be awarded with up to S$200 cashback. S$50 cashback for one qualifying transaction and S$120 cashback upon S$500 minimum spend. Receive an additional S$30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive S$30 cashback. T&Cs apply. Ends 30 April 2021.
KrisFlyer UOB Credit Card
Earn 3 KrisFlyer miles per S$1 when you spend with Singapore Airlines, Scoot, SilkAir or KrisShop and 1.2 KrisFlyer miles per S$1 on all other spend.
Receive S$50 cash credit when you apply for a new credit card. T&C apply.
S$0 annual fee for the first 1 year and S$192.60 thereafter
S$30,000
Receive an iPhone 12 with 5G (first 20 successful applications) or up to S$50 cash credit (for subsequent 100 successful) when you apply for a new credit card and spend at least S$1,500 within 30 days from card approval date. Plus get up to S$76 cash credit when you apply for UOB One Account. T&C apply. Ends 7 April 2021.
UOB Yolo Card
Enjoy a wide variety of discounts and cashback rebates on dining, entertainment, online shopping and travel.
Up to 8% cashback on some weekend dining, travel, and entertainment and 3% cashback on online fashion, weekday dining, travel and more.
S$0 annual fee for the first 1 year and S$192.60 thereafter
S$30,000
Receive an iPhone 12 with 5G (first 20 successful applications) or up to S$50 cash credit (for subsequent 100 successful) when you apply for a new credit card and spend at least S$1,500 within 30 days from card approval date. Plus get up to S$76 cash credit when you apply for UOB One Account. T&C apply. Ends 7 April 2021.
UOB Lady's Card
Earn 10X UNI$ (or 20 miles) per S$5 spent on a chosen spending category with no min. spend required, and 1X UNI$ (or 2 miles) on other purchases.
Receive S$50 cash credit when you apply for a new credit card. T&C apply.
S$0 annual fee for the first 1 year and S$192.60 thereafter
S$30,000
Receive an iPhone 12 with 5G (first 20 successful applications) or up to S$50 cash credit (for subsequent 100 successful) when you apply for a new credit card and spend at least S$1,500 within 30 days from card approval date. Plus get up to S$76 cash credit when you apply for UOB One Account. T&C apply. Ends 7 April 2021.
HSBC Advance Credit Card
Receive up to S$200 cashback when minimum spend requirements are met.
Enjoy up to 3.5% cashback on all purchases with no minimum spend
S$0 annual fee for the first 1 year (permanently waived for HSBC Advance banking customers) and S$192.60 thereafter
S$30,000
New cardholders will be awarded with up to S$200 cashback. S$50 cashback for one qualifying transaction and S$120 cashback upon S$500 minimum spend. Receive an additional S$30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive S$30 cashback. T&Cs apply. Ends 30 April 2021.
UOB One Credit Card
Receive an iPhone 12 with 5G (first 20 successful applications) or up to S$50 cash credit (for subsequent 100 successful) when you apply for a new credit card and spend at least S$1,500 within 30 days from card approval date. Plus get up to S$76 cash credit when you apply for UOB One Account. T&C apply. Ends 7 April 2021.
Up to 10% cashback with some merchants including Grab,7-Eleven and Cold Storage; 6% for Singapore Power Utilities bills; and 5% back on all other retail spending.
S$0 annual fee for the first 1 year and S$192.60 thereafter
S$30,000
Receive an iPhone 12 with 5G (first 20 successful applications) or up to S$50 cash credit (for subsequent 100 successful) when you apply for a new credit card and spend at least S$1,500 within 30 days from card approval date. Plus get up to S$76 cash credit when you apply for UOB One Account. T&C apply. Ends 7 April 2021.
American Express Singapore Airlines KrisFlyer Ascend Credit Card
Earn 1.2 KrisFlyer miles per S$1 spent on local purchases, with no cap.
N/A
S$337.05 annual fee
S$50,000
Get a complimentary stay at Shangri-La Hotel, Singapore, Garden Wing Deluxe City View Room (worth up to S$450++) when you spend S$5,000 within the first three months and an additional 10,000 KrisFlyer miles if you are new to American Express. T&Cs apply. Ends 30 June 2021
UOB PRVI Miles Visa Card
6 air miles for every S$1 spent through Expedia, Agoda and UOB Travel
Receive S$50 cash credit when you apply for a new credit card. T&C apply.
S$0 annual fee for the first 1 year and S$256.80 thereafter
S$30,000
Receive an iPhone 12 with 5G (first 20 successful applications) or up to S$50 cash credit (for subsequent 100 successful) when you apply for a new credit card and spend at least S$1,500 within 30 days from card approval date. Plus get up to S$76 cash credit when you apply for UOB One Account. T&C apply. Ends 7 April 2021.
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