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Loan calculator Oman › Credit card minimum payment calculator (Oman)

Estimate only — not financial advice. Only your lender's offer is binding.

Credit card minimum payment calculator (Oman)

Updated

Example: OMR 1,500 on a card at 18% a year — CBO's ceiling on credit cards against salary — with no new spending. CBO sets no minimum payment: each card sets its own. If your card's minimum is 5% of the amount due with "at least OMR 10" (example terms — check your statement) and you pay only that, the card takes 6 years 8 months to clear and costs OMR 584.973 in interest. Paying the first minimum, OMR 76.125, every month instead clears it in 2 years for OMR 291.527. Clearing it in 24 months takes OMR 74.886 a month.

This page: a credit card balance you can't clear at once. What paying only the minimum really costs, and what changes if you pay a fixed amount or clear it by a date. The card ceilings are the Central Bank of Oman's (CBO), so they are the same at every bank.
The statement balance you can't pay in full.
18% is CBO's ceiling on credit cards against salary. Your card may charge less — your statement shows the rate; a monthly figure × 12 gives the yearly one.
Example — CBO sets no minimum; check your statement. 5% is only an example.
Example — CBO sets no minimum; check your statement. OMR 10 is only an example.
Compare with paying more
For example your first minimum, kept the same instead of shrinking.
You are
Only to show the highest card limit CBO allows: 5× net monthly salary, 2× net monthly pension for pensioners.
Paying only the minimum, the card is clear after6 years 8 months
To clear it in the months you choseOMR 74.886

Minimum only, year by year

    Not a valid document. Estimate for information only — not financial advice, not an offer of credit and not a bank document. Errors are possible. Only your bank's or finance company's official offer letter, contract and statements are binding.

    Why the minimum is a trap

    The minimum is a share of what you owe. As the balance shrinks, so does the minimum, so each month you pay a little less and the debt drags on. Early on, much of each payment is interest. In the example, a 5% minimum with no "at least" amount would stretch OMR 1,500 over 28 years 11 months and cost OMR 629.369 in interest. With a fixed amount every month instead — even just your first minimum, kept the same — the balance falls faster and the interest drops with it.

    What CBO's rules for credit cards say

    • Interest ceiling: at most 18% a year on credit cards against salary.
    • Card limit: at most 5 times your net monthly salary; pensioners at most 2 times the net monthly pension.
    • The limit counts, not just the balance: for the debt-burden check a card against salary counts as at least 5% of its whole limit every month, even when you owe little (a bank may use a stricter norm).
    • Not a loan substitute: CBO does not allow banks to promote credit cards as a substitute for a medium- or long-term personal loan.
    • Fees: issuance and yearly renewal at most OMR 50 — more only for high-end cards, reflecting their benefits.
    • Late payment: penal interest at most 1% a year, on the overdue amount and for the overdue period only. We found no late-fee amount in CBO's circular.
    • No official minimum payment. CBO sets no minimum you must pay each month; it is in your card's terms and on your statement. The calculator uses the figures you enter.

    Your card counts against your salary

    CBO's debt-burden limit counts every debt, credit cards and overdrafts included — with personal loans only, all payments at most 50% of net monthly salary. A card with a 5× limit takes at least 5% of that limit out of your room every month, and a card you keep paying slowly leaves even less room for a loan: see how much can I borrow?. To move a large balance into fixed instalments at no more than 6%, compare with the personal loan calculator. To see how much card limit you can still get on your salary, use the credit card limit calculator.

    The calculator assumes no new spending and the same rate throughout, in monthly steps; your bank works on daily balances, so its figure can differ by a few baisa.

    Questions people ask

    What is the minimum payment on a credit card in Oman?

    CBO sets no minimum payment. Your card's terms and statement show your minimum (a share of the amount due, often with an 'at least' amount).

    Is there a cap on credit card interest in Oman?

    Yes — CBO caps interest on credit cards against salary at 18% a year.

    How high can my card limit be?

    In Oman, at most 5 times your net monthly salary; pensioners at most 2 times the net monthly pension.

    What can a bank charge for a card and for paying late?

    Issuance and yearly renewal at most OMR 50 (more only for high-end cards). Late interest at most 1% a year on the overdue amount; we found no late-fee amount in CBO's circular.

    Do credit cards affect how much I can borrow?

    Yes — CBO's debt-burden limit counts every debt, credit cards and overdrafts included — a card against salary as at least 5% of its whole limit a month.