Minimum Repayment (November 2019) – 111 years and 3 months
The month of November 2019 saw the credit card get a good beating.
Closed the period at $17,918.95.
Minimum repayment for the month was $358.00
If I make the minimum repayment of $358 per month then it will take me:
- 111 years and 3 months to pay off the balance
- $102,277.02 in interest charges over the 111 years
Hey but my bank has a cool way for me to reduce interest charges:
- Pay $916.29 per month and I will pay it off over 2 years and save $98,205.04 in interest charges
Or the smartest way, pay off the whole balance and the interest charges will be NIL !
