Find out exactly how long it takes to clear your balance and how much that debt is actually costing you.
Rates verified: 6 November 2026
You are at the start of your payoff journey. Each month of consistent payments gets you closer to financial freedom.
MoneySense puts the interest charge on unpaid balances at 25% to 29% per annum. The 26.9% default here is an example, so check your own card.
MoneySense's worked example uses 3% of the amount owed or S$50, whichever is higher. Card terms vary, so check your statement. Paying only the minimum means most of your payment goes to interest, not principal, massively extending your payoff time.
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Credit card debt is calculated using compound interest on the remaining balance each month. MoneySense's worked example sets the minimum at 3% of the amount owed or $50, whichever is higher. Paying only the minimum (3% of the balance or $50, whichever is higher) on a $5,000 balance at 26.9% annual interest takes 207 months, about 17 years, and costs about $11,289 in interest.
MoneySense puts credit card interest on unpaid balances at 25% to 29% per annum, about 2.08% to 2.42% per month. When you make only the minimum payment, most of it covers interest charges, leaving very little to reduce the principal. This creates a debt trap where the balance barely decreases despite monthly payments.
A $3,000 balance at 26.9% annual interest: paying only the minimum, starting at 3% ($90), pays off the debt in 140 months with total interest of about $5,376. Increasing the payment to $200 per month pays it off in 19 months with total interest of about $698, a saving of about $4,678. Even small increases in monthly payment dramatically reduce total interest paid.