The minimum payment keeps your account in good standing, but it’s set low on purpose. This calculator shows what your minimum payment is, how long it takes to clear your balance if you pay only the minimum, and how much you save by paying a fixed amount instead.
Credit card minimum payment calculatorSee your minimum payment, and what paying only the minimum really costs.
How your card sets the minimum
Pick the closest match. Your cardholder agreement or statement has the exact rule.
Your minimum payment
$0
this month
Paying only the minimum
0
How is a credit card minimum payment calculated?
Each card sets its own rule, written in your cardholder agreement. In Canada, most follow one of a few patterns:
| Where | Typical minimum payment |
|---|---|
| Outside Quebec | Usually 2% to 3% of the balance, or $10, whichever is higher. Some cards add that month's interest and fees on top. |
| Quebec | At least 5% of the balance on your statement. This has applied to all credit card contracts since August 1, 2025. |
On a $3,000 balance, a 3% minimum is $90. As you pay the balance down, the minimum shrinks too, which is why paying only the minimum takes so long. Your monthly statement also shows an estimate of how long it would take to pay off your balance with minimum payments only.
Worked example
| $3,000 at 20.99% | First minimum | Time to pay off | Total interest |
|---|---|---|---|
| Minimum of 3% or $10 | $90 | 18 years 10 months | $3,900 |
| Quebec minimum of 5% | $150 | 8 years 11 months | $1,555 |
| Fixed $90 every month | $90 | 4 years 3 months | $1,541 |
Paying the same $90 every month, instead of letting the minimum shrink, clears the balance more than 14 years sooner and saves about $2,360 in interest.
How to pay less than the minimum costs you
- Pay a fixed amount. Pick a monthly payment you can manage and keep paying it, even as the minimum drops.
- Pay before the due date. Missing the minimum can mean late fees, a higher interest rate on some cards, and a mark on your credit report.
- Stop using the card while you pay it down. New purchases add to the balance and stretch out the payoff.
- See your full payoff plan with our credit card interest calculator, which shows how long a set payment takes and the interest you'll pay.
Frequently asked questions
How is the minimum payment calculated on a credit card in Canada?
Outside Quebec, it's usually 2% to 3% of your balance or $10, whichever is higher, and some cards add that month's interest and fees. In Quebec, the minimum is at least 5% of the balance. Your cardholder agreement has the exact rule.
What happens if I only pay the minimum?
Your account stays in good standing, but you pay interest on the rest of the balance every month. Because the minimum shrinks as the balance falls, it can take many years to pay off and cost more in interest than you originally borrowed.
What is the minimum payment in Quebec?
Quebec requires a minimum payment of at least 5% of the balance on your statement. For older contracts the minimum was raised gradually and reached 5% on August 1, 2025.
Is paying more than the minimum worth it?
Yes. Every dollar above the minimum goes straight to your balance, so you pay less interest the next month and finish sooner.
Related reading
- Statement balance vs current balance: which one to pay to avoid interest
- Credit card payoff calculator: the payment you need to clear a card by a date
- Debt snowball calculator: pay several debts, smallest first
- Credit card interest calculator: interest per month and payoff time
- Start here: why paying in full matters with rewards cards
- Debt repayment calculator: plan payoff across several cards and loans
- All calculators
- Daily interest calculator: interest charged day by day
How we checked: Quebec's rule comes from the Office de la protection du consommateur. Typical rules elsewhere were checked against Canadian credit counselling guides in October 2026. Your own card may differ.