Minimum Payment: Maximum Interest Minimum Payment: Maximum Interest

It pays to pay more on your credit card balance

Because just paying the minimum can be very expensive.

The minimum payment is the minimum portion of the credit card balance that must be paid each month.

If you only pay that amount, you're in "good standing," but in the long run, it gets very expensive! You'll be reimbursing that debt for a long time. You'll pay a high cost in credit charges, including a lot of interest.


A $1,000 purchase using a credit card at 19.9% with a monthly payment of:

100% of the balance

$0 in credit charges

50% of the balance

$34 in credit charges, over 8 months

5% of the balance

$442 in credit charges, over 6 years

3.5% of the balance (minimum payment required starting August 1, 2022)

$748 in credit charges, over almost 9 years

Are you having trouble making the minimum payment?

There are solutions.

You can turn to consumer associations. They offer budget consultation services free of charge: tips on managing your personal finances, settling your debts, etc.

Find a consumer association (in French only)

It might also be possible to work out an agreement with the credit card issuer. Contact them.

How much does it cost? Try it out

1- Credit card purchases


2- Terms of the credit contract

Credit rate  :  %

Minimum payment  :  %  or  $ 

3- Consequences of only making the minimum payment...

The credit charges add up to $0. It will take 0 months to fully reimburse your balance.

In total, the purchases will have cost $0. Show details

Period Amount to Reimburse Minimum Payment Credit Charges Balance Owing After Making a Minimum Payment

4- Solutions to pay less in credit charges

Reimbursing your balance more quickly

I want to reimburse everything in months, with equal payments.

Your monthly payment will be $0.

The credit charges will add up to $0.

Making higher payments

I will make payment of $ per month.

It will take 0 months to reimburse everything.

The credit charges will add up to $0.

Increase in the minimum payment

The increase in the minimum payment aims to prevent debt problems. By reimbursing more of your debt each month, you pay less in credit charges.

Contract entered into on or after August 1, 2019

The minimum payment provided for in your contract may not be less than 5% of the balance owing.

Contract entered into before August 1, 2019

If the required minimum payment percentage for your credit card was set at less than 3.5%, as of August 1, 2022, the minimum payment to be made every month must correspond to 3.5% of the balance owing.

The credit card issuer may charge more than 3.5% if the contract already provided for that possibility, but not if the issuer amended the contract in order to charge more than 3.5% without your consent.

Over the coming years, credit card issuers will have to charge a minimum payment that corresponds to at least the following percentage of the balance owing:

  • 4%, as of August 1, 2023;
  • 4.5%, as of August 1, 2024;
  • 5%, as of August 1, 2025.

To find out more

Paying less in credit charges

Here is how the amount of the minimum payment affects the credit charges you have to pay.

A $1,000 purchase with a credit card at 19.9%

Minimum Payment (percentage of balance) Total Credit Charges Time Required to Fully Reimburse
2% $3,001 Nearly 26 years
3.5% $748 Nearly 9 years
5% $442 6 years

What if you only make the minimum payment? If it is set at 5% (rather than 3.5%) of your credit card balance, you will save $306 in credit charges!

Reading your account statement

Take a look at your account statement! You will see an estimate of the time it will take to reimburse everything if you only make the minimum payment. You will also find your card's credit rate. Do you know how high it is?

To find our more on the account statement

Find out more about credit cards

Consult other resources offered by the Office de la protection du consommateur: