Enter your balance, interest rate, and monthly payment. We'll show the payoff date and total interest — and how much longer it takes if you only pay the minimum.
How this works. Credit card interest in Canada is charged on your balance each month (most cards work out to your APR divided by 12 per month). This calculator uses your fixed monthly payment to find your payoff time and total interest, then compares it to paying only the typical minimum (the greater of $10 or 3% of the balance). Actual minimums, interest calculation, and fees vary by card issuer. This is an independent tool, not financial advice.
The minimum payment is designed to keep your account in good standing, not to clear your debt. Because it drops as your balance drops, it stretches repayment over many years — often more than a decade on a mid-size balance — and most of what you pay early on is interest. Paying a fixed amount each month, even a little above the minimum, dramatically shortens the timeline.
Use the purchase APR printed on your statement. In Canada most rewards and standard cards sit around 19.99%–20.99%, while some low-interest cards are near 12.99% and store cards can exceed 29%. Cash advances and balance transfers may carry a different, higher rate.
Pay more than the minimum and keep the payment fixed even as the balance falls. If you carry a balance month to month, a lower-rate card or a promotional balance-transfer offer can cut the interest sharply — try the balance transfer calculator. Juggling several debts? The debt payoff calculator compares the snowball and avalanche methods.