Financial Literacy for Everyone
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The True Cost of Credit

If you do not pay off your credit card balance every month, the interest assessed on your account means you may be paying more than you expect. And if you spend beyond your means, the resulting interest and debt can become significant. See how much extra you might pay on a HK$1,000 credit card purchase with varying interest rates:

Total Purchase Amount
This is the balance due on your credit card.
HK$1,000
HK$1,000
HK$1,000
Credit Card APR
This is the annual interest rate on your credit card.
10%
15%
25%
Monthly Payment
This includes paying just the minimum monthly payment, calculated in this example as HK$40.
HK$40
HK$40
HK$40
Number of Months to Pay Off Purchase Amount
This is how long it will take you to pay off the entire balance.
29
31
36
Total Finance Charge
This is the total amount of money you will pay just in interest.
HK$126
HK$207
HK$427
Total Cost
This is the final amount you will pay for your purchase.
HK$1,126
HK$1,207
HK$1,427