So long, he can pay credit card debt if you meet the minimum requirements



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If you follow the minimum payment requirements of the credit card, the repayment term will be long.

When you have a credit card, you get the full balance to pay. But at the same time, it says a minimum amount to pay. It is at this moment that the amount paid by many.

A minimum amount is a percentage of the credit card balance. This varies from 3 to 4%. In addition, an absolute minimum amount is indicated in NOK. This varies between 250 and 400 NOK. If, for example, the balance is 50 000 NOK, 3% of this amount is 1500 NOK. If the minimum amount in NOK is 250, the minimum amount is 1500 NOK. If the balance is NOK 5 000, of which 3% corresponds to NOK 150, the minimum amount will be NOK 250.

watch: Find the best credit card

So long as it takes to pay off the credit card at zero

How long it takes depends on three factors:

  • Interest on the credit card
  • Minimum monthly amount in percentage
  • Absolute minimum amount in NOK

If the credit card interest rate is 22%, there is not much left to pay on your credit card debt. It's just a little over a third of the monthly amount.

Below, we calculated the time required to repay credit card debt in three amounts and two interest rates.

The chart shows the number of years needed to repay credit card debt by following the minimum payments until the end. It is assumed that 3% of the balance will be paid monthly, the absolute minimum amount is NOK 250.

Here you can find that with NOK 100,000 of debt and an interest rate of 22%, the repayment of credit card debt takes 22 years.

If the first minimum amount had been paid throughout the period, the repayment period would have been 45 months (3.75 years) with an interest rate of 16%. With 22%, the time would have been 52 months. This applies to all amounts.

liability 16.00% 22.00%
20,000 8.1 10.6
50,000 12.6 17.1
100,000 16.1 22.0

In total, you will pay this in interest during the period. With NOK 100,000 of credit card debt, you must pay NOK 148,711 in interest.

liability 16.00% 22.00%
20,000 12,095 22,997
50,000 36,094 70 140
100,000 76,094 148,711

The average debt will be well below half because the repayments are larger in the beginning. With NOK 100 000, the average balance will be greater than NOK 30 000.

Credit card refund calculator

In this calculator, you can calculate this:

  • How long does it take before the loan is repaid with a chosen monthly amount
  • How long does it take before the loan is repaid with the minimum amount
  • How much did you pay in total

Here you will find the credit card payment calculator.

Minimum amounts on credit cards

This overview shows the minimum percentage amount and the minimum amount in Norwegian kroner for the different credit cards.

In addition, how long does it take to repay a credit card debt of NOK 50,000 with a minimum amount throughout the period?

The majority of credit cards have a maximum credit of $ 100,000 or more. Some have a maximum of 50,000 NOK.

You can see here an overview of the interest rate of all credit cards.

The table is sorted according to the number of years needed to repay the credit card debt.

In Mastercard Gold, it will take 20.3 years to repay the debt with the minimum payment. This corresponds to a small minimum amount of crown. For example, if the minimum amount had been raised to 250 Norwegian kroner, the repayment period would have been reduced from 3.5 years to 16.8 years.

Santander Red has the shortest payback time. The reason is a high repayment rate and a low interest rate (in the context of credit cards),

credit percent real year
Mastercard Gold 3.00% 150 20.3
Circle K MasterCard 3.00% 250 17.7
Shell MasterCard 3.00% 250 17.7
Trump Visa Credit Card 3.00% 250 17.7
Esso MasterCard 3.00% 300 16.6
365 live 3.00% 250 16.5
Membership Credit Card (BBL) 3.47% 150 15.6
Remember credit cards 3.47% 150 15.6
NSF Mastercard 3.00% 200 15.5
Ikano View 3.00% 250 15.5
Complete banking MasterCard 3.00% 300 15.3
Danske Bank Basic MasterCard 3.00% 250 14.8
mono card 3.00% 300 14.8
Coop Mastercard 3.00% 400 14.3
Landkreditt Bank MasterCard 3.00% 300 14.0
Storebrand Bank Credit Card 3.00% 300 13.6
Golden oak 3.50% 250 13.1
NAF Xtra 3.50% 250 13.1
BN Bank Credit Card 3.50% 250 12.9
Savings Account 1 MasterCard 3.50% 250 12.9
LO MasterCard favor 3.20% 250 12.8
DNB MasterCard 3.50% 200 12.7
Academic card 3.00% 250 12.6
KLP Credit Card 3.00% 300 12.5
Visa Credits 3.30% 300 12.2
Nordea Gold 3.50% 250 11.6
Norwegian bank card 3.50% 300 11.5
Pre-organization card 3.50% 200 11.3
Handelsbanken Gold 3.50% 250 11.2
Credit card Fana Sparebank 3.00% 300 10.8
The bank credit card 3.00% 400 10.7
Liverpool FC MasterCard 4.00% 250 10.6
OBOS credit card 3.65% 300 10.3
Manchester United Visa 4.00% 300 9.9
Santander Flexi Visa 4.00% 300 9.9
SAS EuroBonus Mastercard 5.00% 100 9.9
FREE VISA 4.00% 300 9.6
y a credit card 4.00% 400 9.3
VIP credit card 4.00% 400 8.7
Supreme card 5.00% 150 8.6
Red Santander 4.00% 300 8.2

Mastecard Gold is an EnterCard credit card offered by these banks: Etne Sparebank, Flekkefjord Sparebank, Haugesund Sparebank, Lillesands Sparebank, Luster Sparebank, Skudenes & Aakra Sparebank, Søgne and Greipstad, Voss Sparebank, Voss Sparebank, Voss Sparebank

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