Image of the Credit Card Payment Calculator Tool Credit Card Payment Calculator

From Financial Consumer Agency of Canada

It is always best to pay off your credit card balance in full by the due date indicated on your statement. If you can't, you can still reduce the amount of interest you will have to pay. The credit card payment calculator compares 3 different payment options to pay off your credit card balance.

  • Option A: What if you only make the minimum payment each month?
  • Option B: What if you make the minimum payment plus an additional amount each month?
  • Option C: What if you pay a fixed amount each month?
The credit card calculator assumes that you are not using your credit card while you are paying off the balance.
Enter your information and click 'Calculate...' to see the results.

Credit Card Information

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%

Option A: What if you only make the minimum payment each month?

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OR
%
(Whichever is greater)
Based on the information that you've provided your first minimum payment amount is: $30.00 . Your minimum monthly payment will decrease as you pay off your balance.

Option B: What if you make the minimum payment plus an additional amount each month?

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+

$

$

Option C: What if you pay a fixed amount each month?

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Note: As of September 2010, regulations require banks and other federally regulated financial institutions to show an estimate on your credit card statement of how long it will take you to pay your balance if you make only the minimum payments. In keeping with the regulations, those estimates may be made by rounding your balance up to the next $100 (for example, $520 would be rounded up to $600). Because FCAC's minimum payment calculator uses your actual credit card balance, the results may vary from the estimate shown on your credit card statement.

A printable report is available by clicking the 'Summary Report...' button below. It includes a month by month payment breakdown.

The credit card calculator assumes that you are not using your credit card while you are paying off the balance.

Calculation Results

Option A: What if you only make the minimum payment each month?Option B: What if you make the minimum payment plus an additional amount each month?Option C: What if you pay a fixed amount each month?
Time to pay off10 years6 years and 2 months11 months
Original balance$1,000.00$1,000.00$1,000.00
Interest paid$798.89$512.52$91.62
Total paid$1,798.89$1,512.52$1,091.62
Amount saved-$286.37$707.26
Time saved-3 years and 10 months9 years and 1 month

Results Summary

  • Option B: If you pay $5.00 more than your minimum payment each month, you will pay off your credit card balance 3 years and 10 months sooner and you will save $286.37 in interest.
  • Option C: If you pay $100.00 each month instead of the minimum payment, you will pay off your credit card balance 9 years and 1 month sooner and you will save $707.26 in interest.

Payment Diagrams

Other Saving Strategies

  • Don't wait for your credit card bill. Make payments as early and as often as possible to reduce your interest charges. For example:
    • For Option C: Instead of paying $100.00 every month, if you pay $50.00 every 2 weeks you will save an additional $7.19 for a total savings of $714.46 and 9 years and 1 month compared to just making the minimum payment.
  • Switch to a low-rate credit card1. Let's say you had a credit card with an interest rate of 12% and an annual fee of $302. Even if you were only making the minimum payments, you would still save $151.403 in interest and pay off your balance 2 years sooner than with your current credit card at 18.00%.
  • Check with your financial institution to see if you qualify for other lower interest credit products.
  1. Not everyone qualifies for a low rate credit card. Check with your credit card issuer to see if you qualify.
  2. The interest rate and annual fee are examples only.
  3. Total savings take into account the $30 annual fee, assuming the annual fee is not subject to an interest rate charge.

For More Information

  • Do you often carry a balance? Check out Choosing a credit card to see if there is a better card for you. If you are paying a high interest rate, you may want to consider a low rate credit card.
  • For more information about credit cards fees and charges check out the Credit Card Comparison Tool.
  • For more information about debt and budgeting check out Managing your money.

Summary Report

A Summary Report (printable) can be produced based on values you entered into the calculator. This report includes all your data, calculation results as well as a payment schedule for the payment option of your choice. From the options below, please select which payment schedule you would like to see in the summary report:

We offer this credit card calculator as a self-help tool for your use. This tool does not replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. For example, your credit card issuer may make its calculations in a different way. All calculations are examples only. This calculator does not include other fees, such as those for optional services (credit balance insurance, etc).

This calculator assumes that:

  • you are already carrying a balance, which means that no grace period applies; and
  • you are not making any more transactions with the credit card while you are paying off the balance.
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