What are my Visa Credit card repayments?

Jasmine Shillington Updated by Jasmine Shillington

Your monthly credit card statement will tell you the ‘outstanding balance’ and the ‘minimum payment’.

The outstanding balance is the total amount owing on your credit card, including any outstanding debt from last month, any interest charges and any new transactions from this month. The minimum payment is a small percentage of the outstanding balance, such as 2%, or $20, whichever is higher.

You should aim to repay the outstanding balance by the due date whenever possible because you won’t be charged any interest. If you cannot afford to repay the outstanding balance, at least try to repay more than the minimum payment required because this will help reduce the interest you have to pay.

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