Credit Card Payoff Calculator Canada 2025

19.99% standard rate • Minimum payment trap • Fixed payment comparison

Canadian credit cards charge 19.99%–24.99% interest. Even a $5,000 balance can take over a decade to pay off with minimum payments. This calculator shows the real cost and the fastest path to zero.

Credit Card Payoff Calculator

Current Balance ($)

Annual Interest Rate (%)

Minimum Payment Type

Min Payment % or $ Amount

Your Fixed Monthly Payment ($)

The True Cost of Minimum Payments

Most Canadian credit cards require a minimum payment of 2%–3% of your balance or $10, whichever is greater. At 19.99% interest, paying only the minimum on an $8,500 balance takes over 30 years and costs more than $14,000 in interest.

Strategies to Eliminate Credit Card Debt

Balance transfer: Many cards offer 0% for 6–12 months — transfer high-interest balances
HELOC or personal loan: Often 7–10% vs 19.99% — can save thousands
Fixed payment: Never pay less than 3x the minimum payment
Snowball or avalanche: Focus extra payments on one card at a time

Free Banking to Help You Reach Your Financial Goals

Once you know your numbers, start acting on them. KOHO offers free banking with no monthly fees. Use code 45ET55JSYA for a bonus when you open your account.

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