Credit Card Payoff Calculator
See exactly how long it takes to pay off your credit card and how much interest you'll pay — then compare strategies to pay it off faster.
⚡ Pay It Off Faster — Target Date Planner
Want to be debt-free by a specific date? Enter how many months you want to pay off your balance in.
The True Cost of Minimum Payments
Canada's credit card minimum payment rules are designed to keep you in debt as long as possible. A typical minimum of 2% of your balance on a $5,000 debt at 19.99% means your first minimum payment is just $100 — but over $83 of that goes to interest. You pay down only $17 of principal. As your balance slowly decreases, so does your minimum payment, stretching repayment out for decades.
The most effective strategy: treat your minimum payment as a floor, not a target. Fix your monthly payment at an amount you can sustain, and never reduce it even as the minimum drops. Every extra dollar above the minimum goes directly to principal, cutting both your payoff timeline and your total interest dramatically.