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Credit Card Payoff Calculator: Canada

See how long a credit card takes to pay off at your APR, the interest it costs, what minimums really cost, and the payment to be debt-free by a date.

Reviewed by CentExactRates effective 1 sourceCalculated in your browser. Shared links include inputs.

Canada: 3% almost everywhere, 5% in Quebec

Canadian issuers usually set the minimum at 2% to 3% of the balance, with the month's interest taken from within that payment rather than added on top, and a flat floor of about $10 on small balances. Nothing federal fixes the percentage, so it is the issuer's own schedule and it is printed on your statement.

Quebec is the exception, and it is a large one. Consumer protection legislation there set the minimum at 5% for accounts opened from August 2019 and raised older accounts by half a point a year until they reached the same 5% of the balance on 1 August 2025, the highest statutory minimum in any market this calculator covers. On a $5,000 balance that is a first payment of $250 rather than $150, and it cuts years off the payoff without the cardholder deciding anything. If your card was issued in Quebec, set the percentage above to 5.

There is a legal ceiling on the rate, but it is a long way above what any card charges. Since 1 January 2025 the Criminal Code has set the criminal rate of interest at 35% APR, down from an effective 60% a year, and it covers credit cards along with most other consumer credit; only commercial and pawn lending are carved out. Mainstream Canadian cards sit around 20%, so what actually holds the rate down is competition rather than the Criminal Code.

For how the calculation works, the formula behind it and what it leaves out, see the full guide. For help interpreting a result or comparing it with a quote or statement, read the questions and answers.

Data sources

Canadian consumer finance conventionsGovernment of CanadaWithin its effective period

Every document each dataset was read from, its notes and how the figures were checked are listed in the guide's data sources.

This calculator in other countries

Each country has its own rates, thresholds and rules, and its own page that runs the calculator on them and cites the official sources they came from.

CentExactCalculator publisher

CentExact publishes the calculation method, worked examples and available data sources. Automated checks cover reference calculations; they do not certify a result for your circumstances or imply approval by a lender or tax authority.

How we build and test our calculators

This calculator is for general information only and is not financial advice. Results are estimates based on the figures you enter and the stated formula; lenders and providers may round or calculate differently. Check any decision with the institution involved or a qualified adviser.