Every month, you have to reimburse the amount that appears on your credit card statement, or a part of that amount.

If you only reimburse part of the balance, you have to pay the "minimum payment" or "minimum instalment." The way to determine this amount is indicated in the contract, generally expressed as a percentage of the balance owing.

Amount of the minimum payment

The Consumer Protection Act provides for the minimum payment percentage you can be charged.

Contract entered into on or after August 1, 2019

If you entered into a credit card contract on or after August 1, 2019, the minimum payment to be made every month must correspond to at least 5% of the balance owing indicated on your account statement.

Contract entered into before August 1, 2019

If you already had a credit card before August 1, 2019 and the minimum payment percentage was set at less than 2%, for the period from August 1, 2019 to July 31, 2020, the minimum payment to be made every month must correspond to 2% of the balance owing indicated on your account statement.

What if the issuer of your credit card claims more than 2%?

• They may do so if the contract already provided for that possibility.
• They may not do so if they amended the contract so as to charge more than 2% without your consent.

Over the coming years, the minimum payment percentage will increase. Credit card issuers will have to charge a minimum payment that corresponds to at least the following percentage of the balance owing:

• 2.5%, as of August 1, 2020;
• 3%, as of August 1, 2021;
• 3.5%, as of August 1, 2022;
• 4%, as of August 1, 2023;
• 4.5%, as of August 1, 2024;
• 5%, as of August 1, 2025.

If the credit card issuer charges you a percentage that is higher than what is provided for in the contract or by the Act, contact the Office de la protection du consommateur.

Reimbursing the balance owing

It is always preferable to pay your balance in full every month. That way, you save on credit charges.

If you only make the minimum payment every month, you are reimbursing very little of your debt.

Refer to the page titled Minimum Payment: Maximum Intere$t to find out the amounts that apply to your situation or to try a simulation.