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Credit Card Calculator

See how long a card balance takes to clear, what paying only the minimum due costs, and the payment that clears it by a date.

By Nitin Raturi · Last reviewed

Your card balance

How to use this Credit Card Calculator

Compare three ways to repay a card balance: a fixed payment, only the minimum due, or a target date.

  1. Enter the card balance and the monthly finance charge from your statement.
  2. Choose whether to add GST on the interest.
  3. Enter a fixed monthly payment to see how long it takes and what it costs.
  4. Enter the minimum due percentage and rupee floor to see the cost of paying only the minimum.
  5. Enter a number of months to find the payment that clears the balance in that time.

Good to know

  • The model assumes no new purchases and interest on the balance once a month.
  • Plans longer than 100 years are reported instead of shown.
  • Your card statement and the issuer’s terms give the exact charges.

Compare a fixed payment, the minimum due and a target date. Nothing you enter is sent to a server.

Card balance

The amount you owe on the card today that you plan to repay, without new spending.

How to fill it in

  • Enter the outstanding amount from your latest statement or card app, such as 50000 or 1.2 lakh.
  • Allowed range: ₹1,000 to ₹1,00,00,000.

Example

At the defaults, a ₹50,000 balance cleared with ₹5,000 a month takes 1 year 2 months.

Keep in mind: New purchases on the card are not included. Any new spending adds to the balance and the time to clear it.

Monthly finance charge

The interest rate per month that the card applies to an unpaid balance, before GST.

How to fill it in

  • Enter the monthly rate from your card's terms, from 0% to 6%.
  • If the card quotes only an annual percentage rate (APR), divide it by 12 to estimate the monthly figure.

Example

RBI's illustration charges 2% a month on ₹10,000, which is ₹200 of interest for one month.

Keep in mind: Issuers may work out interest on daily balances, and RBI rules suspend the interest-free period while part of a bill is unpaid. This monthly model is a simplification, so real charges can be higher.

GST on interest

GST on interest

Whether to add GST at 18% on each month's interest, as applies to credit card finance charges.

How to fill it in

  • Choose “Add GST” to include the tax, or “No GST” to see interest alone.
  • With GST on, every ₹100 of interest costs ₹118.

Example

On ₹10,000 at 2%, GST adds ₹36 to ₹200 of interest.

Plans to compare

Fixed monthly payment

The same amount you plan to pay each month until the balance is cleared.

How to fill it in

  • Enter a rupee amount, such as 5000 or 5k.
  • It must be more than the first month's interest and GST, which is ₹2,065 at the defaults.

Example

Paying ₹5,000 a month costs ₹15,832 in interest and GST at the defaults.

Tip: A larger payment usually shortens the time and reduces total interest.

Minimum due percentage

The share of each statement balance that the card asks for as the minimum amount due.

How to fill it in

  • Enter the percentage from your statement or card terms, from 1% to 100%.
  • The tool applies it to the statement balance, including that month’s interest and GST.

Example

Paying only 5% with a ₹200 floor takes 23 years 1 month at the defaults.

Keep in mind: Card issuers calculate the minimum due in different ways. Check your card’s terms and recalculate with its figures.

Minimum due floor

The smallest minimum due in rupees, used when the percentage gives a smaller amount.

How to fill it in

  • Enter a rupee amount from ₹1 to ₹1,00,000.
  • When the statement balance is below the floor, the tool pays the whole balance.

Example

At the defaults the floor is ₹200; the final minimum payment is ₹9.

Months to clear

The number of equal monthly payments in which you would like to clear the balance.

How to fill it in

  • Enter a whole number from 1 to 360.
  • The tool finds the level payment that brings the balance to zero in that many months.

Example

Clearing the default balance in 1 year needs about ₹5,368 a month.

Paying ₹5,000 a month

1 year 2 months

₹15,832 in interest and GST

A ₹50,000 balance at 3.5% a month is cleared in 14 payments, the last one ₹832. You pay ₹65,832 in all.

Illustration based on your assumptions, not a guarantee. Assumes no new purchases, interest once a month on the balance, payments at month end and 18% GST on interest. Fees and late charges are excluded.

Paying only the minimum due

5% of each statement, at least ₹200.

Time to clear
23 years 1 month
Interest + GST
₹1,81,036
Total paid
₹2,31,036

That is ₹1,65,204 more than the fixed payment plan.

To clear in 1 year

Pay each month
₹5,368
Interest + GST
₹14,414
Total paid
₹64,414

Year by year with the fixed payment

Each row adds up that year’s payments, interest and GST.

Estimated yearly repayment with the fixed payment
PeriodPaidInterestGSTBalance after
Year 1 · 12 months₹60,000₹13,194₹2,375₹5,569
Year 2 · 2 months₹5,832₹223₹40₹0

ChangelogHow we test this calculatorEmbed this calculator

How this calculator works

  1. Step 1Start with the balance₹50,000what you owe today, with no new spending
  2. Step 2Add a month of charges₹2,0653.5% interest plus 18% GST on that interest
  3. Step 3Take off your payment₹5,000repeat each month until nothing is left

Each month the tool charges interest on the balance left after your last payment. With GST switched on, it adds 18% of that interest. Your payment clears these charges first; the rest reduces the balance.

The calculator compares three plans side by side: a fixed monthly payment, paying only the minimum due, and the level payment that clears the balance in the number of months you choose.

Why GST is added to card interest

Interest on most loans is exempt from GST, but the exemption excludes interest involved in credit card services, so it is taxed at 18%.

The exemption is entry 27(a) of Notification 12/2017-Central Tax (Rate). Card interest then falls under “financial and related services”, heading 9971, at 18% IGST or 9% CGST plus 9% SGST. Use the toggle to see interest alone.

What the estimate leaves out

  • Daily interestIssuers may charge interest from each transaction date on daily balances. This model uses one monthly charge on the balance.
  • New purchasesAny new spending adds to the balance. RBI rules suspend the interest-free period while part of a bill is unpaid.
  • Fees and penaltiesAnnual fees, late payment charges, over-limit fees and the GST on them are excluded.
  • Rate changesThe monthly rate stays the same for the whole plan. Issuers can apply different rates to different balances.

Worked example

₹50,000 at 3.5% a month with GST, paying ₹5,000
Monthly charge rate
R = monthly rate × (1 + GST rate)
Payments needed
n = −ln(1 − R × B ÷ P) ÷ ln(1 + R), rounded up
Interest and GST
charges = total paid − B
  • Bcard balance ₹50,000
  • Rinterest plus GST per month 4.13%
  • Pfixed monthly payment ₹5,000
  1. First month interest₹50,000 × 3.5%₹1,750
  2. First month GST₹1,750 × 18%₹315
  3. Payments needed13 of ₹5,000 and a last one of ₹8321 year 2 months
  4. Total interest and GST₹65,832 − ₹50,000₹15,832

The figures keep full precision and are rounded only for display. As a check, RBI’s own illustration charges 2% a month on ₹10,000: the tool gives ₹200 of interest, plus ₹36 of GST when the toggle is on.

Reading your result

  • Fixed ₹5,000 a month1 year 2 months₹15,832 in interest and GST.
  • Minimum due only23 years 1 month₹1,81,036 in interest and GST.
  • Clear in 1 year₹5,368 a month₹14,414 in interest and GST.
Paying only the minimum due costs ₹1.65 lakh more than the fixed payment in this example.
  • Balance repaid
  • Interest and GST
  • Fixed ₹5,000₹65,832
  • Clear in 1 year₹64,414
  • Minimum due only₹2.31 lakh
Total paid for the same ₹50,000 balance under each plan.

The minimum due shrinks as the balance falls, so most of each small payment goes to interest. RBI requires statements to warn that paying only the minimum stretches repayment over months or years with compounded interest.

RBI also requires the minimum due to avoid negative amortisation, so it should at least cover the month’s interest and taxes.

If your figures do not, the tool reports that the balance never falls instead of showing a plan. Plans longer than 100 years are reported the same way.

Getting out of card debt

Card interest is charged on the balance you carry. Paying it down faster, or moving it, are the two levers.

With several cards and loans, the debt payoff calculator compares the avalanche and snowball orders. The debt consolidation calculator checks whether one new loan beats paying them as now.

For a single loan’s payment, try the EMI calculator.

Common mistakes

  • Mistake: Entering the annual rate in the monthly field.

    Instead: Use the monthly finance charge, or divide the annual percentage rate by 12.

  • Mistake: Leaving GST out when comparing with a statement.

    Instead: Keep the GST toggle on to match the total charged on a card bill.

  • Mistake: Spending on the card while repaying the balance.

    Instead: Remember that new purchases are not in the estimate and lengthen repayment.

  • Mistake: Treating the minimum due as a repayment plan.

    Instead: Compare its total cost with a fixed payment or a target date.

This calculator does not recommend a payment amount or a product. Your card’s most important terms and conditions and monthly statement give the exact charges.

Read how we test our calculators, or browse more money calculators.

Frequently asked questions

How does the calculator work out the time to clear a card balance?

Each month it charges interest at your monthly rate on the balance left after your last payment, adds GST on that interest if you choose, and takes off your payment. It counts the payments until nothing is left.

Why is GST added to credit card interest?

Interest on most loans is exempt from GST, but the exemption in Notification 12/2017-Central Tax (Rate) excludes interest involved in credit card services. That interest is taxed as a financial service at 18%.

What does paying only the minimum due cost?

It depends on your card’s rule. With the defaults, paying 5% of each statement with a ₹200 floor takes 23 years 1 month, against 1 year 2 months at ₹5,000 a month.

Why does the tool say my payment never clears the balance?

If a payment is not more than the month’s interest and GST, the balance cannot fall. RBI requires the minimum due to be set so that this negative amortisation does not happen.

Is this how my card issuer calculates interest?

Not exactly. Issuers set their own method, may charge interest from each transaction date on daily balances and suspend the interest-free period while part of a bill is unpaid. This tool uses a simpler monthly model.

My card shows an annual percentage rate. What should I enter?

Enter the monthly finance charge from your card’s terms. If you have only the annual percentage rate, dividing it by 12 gives an approximate monthly rate.

Does the estimate include new purchases or fees?

No. It assumes no new spending, and it excludes annual fees, late payment charges, over-limit fees and GST on those fees.

Sources and methodology

The formulas are standard time-value-of-money results. We check every figure against golden values worked out independently, by closed form and by month-by-month simulation; see the methodology.

Written and maintained by Nitin Raturi, a software engineer (about the author). Last reviewed 3 Nov 2026; next review due by . Found an error? Tell us.

Changelog

  • : Initial release.