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

$
%

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

$
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?

$

+

$

$

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

$
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.

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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