How long to clear a card balance, and the interest cost.
Time to clear
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Total interest
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Total paid
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Your breakdown
Updates live as you type
Step
Amount (HKD)
Worked example
Suppose you carry a HK$50,000 balance on a card charging 34 percent APR and pay HK$3,000 a month. The monthly interest rate is 34 percent divided by twelve, about 2.83 percent, so the first month adds roughly HK$1,417 of interest. Because your HK$3,000 payment comfortably exceeds that, the balance falls each month, and the card clears in about 23 months, just under two years. Over that time you pay around HK$18,626 in interest, so the HK$50,000 debt costs about HK$68,626 in total to clear. The warning matters: if your payment were only HK$1,400, below the first month's interest, the balance would never reduce and the debt would grow indefinitely.
How it is calculated
The tool simulates the balance month by month. Each month it charges interest at the monthly rate, which is the APR divided by twelve applied to the current balance, then subtracts your fixed payment. It repeats until the balance reaches zero, counting the months and accumulating the interest paid. Before it starts, it checks whether your payment covers the first month of interest: if it does not, the balance can only grow, so the tool returns Never rather than a payoff date. Hong Kong card APRs commonly sit in the 30 to 40 percent range, far above personal loan rates, which is why paying only the minimum can stretch a balance over many years and why the total interest can rival the original balance.
Frequently asked questions
What APR do Hong Kong credit cards charge?
Hong Kong credit card APRs are commonly in the 30% to 40% range on revolving balances, far above personal loan rates. Interest is charged monthly on the outstanding balance, so paying only the minimum can take years to clear. If your payment is below the first month of interest, the balance never reduces.
Is credit card interest tax deductible in Hong Kong?
No. Credit card interest paid by individuals is not deductible under the Inland Revenue Ordinance. Only mortgage interest on a self-occupied property qualifies for the home loan interest deduction. Personal borrowing costs, including credit card charges, must be paid from after-tax income.
What is the minimum payment requirement for Hong Kong credit cards?
Most Hong Kong card issuers set the minimum monthly payment at 1 percent of the outstanding balance or HK$50, whichever is higher, though some require a flat minimum of HK$100 or more. Paying only the minimum at a 36 percent APR means interest compounds rapidly and the balance can take many years to clear, costing far more than the original amount borrowed.
How does a balance transfer help reduce credit card interest in Hong Kong?
A balance transfer moves existing card debt to a new card or personal loan at a lower promotional rate, often 0 percent for a fixed period or a flat fee arrangement. This can significantly cut the total interest paid if the balance is cleared before the promotional period ends. Borrowers should check any one-time handling fees and confirm what rate applies to any remaining balance after the promotion expires.