How long does it take to pay off a credit card paying only the minimum?

On $5,000 at 19.99% with a 3% minimum, well over a decade, with interest exceeding the original balance. Because the minimum shrinks as the balance falls, the last few hundred dollars take years. Your statement must show this figure, which is why it is worth a look.

What is the minimum payment on a credit card in Canada?

Typically the greater of 3% of the balance and $10, though some cards use 2% or interest plus 1%. In Quebec the law requires a minimum of at least 5% of the balance.

Should I pay off my credit card or invest?

Pay the card. No investment reliably returns 20% a year after tax, and paying off a 20% card is a guaranteed 20% return. Keep an emergency fund, then attack the highest-rate balance first.

Does a balance transfer make sense?

A promotional rate of 0% to 3% for 6 to 12 months, usually with a 1% to 3% fee, can cut the interest sharply if you pay the balance off before the promotion ends and do not add new purchases. If you would not clear it in time, the standard rate returns.

How is credit card interest calculated?

Daily, on the average daily balance, at the annual rate divided by 365, and charged monthly. Once you carry a balance, new purchases accrue interest from the day they post; the 21-day grace period only applies when the previous statement was paid in full.

What happens if my payment barely covers the interest?

The balance never goes down. The calculator says 'never' in that case and shows the monthly interest so you can see the minimum needed to make progress.

How long does it take to pay off a credit card paying the minimum?

Decades. On $8,000 at 20.99% with a 3% minimum, about 24 years and more than $10,000 of interest, because the minimum shrinks as the balance falls. Quebec requires a 5% minimum, which roughly halves that. Any fixed payment above the minimum changes the picture completely.

Avalanche or snowball: which should I use?

Avalanche (highest interest rate first) costs the least in interest and is mathematically best. Snowball (smallest balance first) clears a debt sooner, which helps some people stay motivated. The calculator shows the months and interest for both so you can see what the motivation costs.

Is a balance transfer worth it?

If you can pay most of the balance off before the promo rate expires, usually yes: a 0% for 12 months offer with a 3% fee on $8,000 costs $240 and can save $1,500 or more of interest. The catch is the rate after the promo and that new purchases on the new card usually accrue interest immediately.

What if I cannot even cover the minimums?

Contact a non-profit credit counselling agency such as Credit Canada or Consolidated Credit; they can negotiate a debt management plan with reduced or frozen interest. A consumer proposal through a licensed insolvency trustee is the next step. Both are far cheaper than payday loans or ignoring the bills.

Credit Card Payoff Calculator

See the month you will be free of a credit card balance at what you can pay, what the minimum payment would cost you instead, the payment that clears it by a date you choose, and whether a balance transfer or paying your debts in a different order gets you there sooner.

Paid off in3 years 1 month

By October 7, 2029, paying $300 a month on $8,000 at 20.99%, with $2,869 of interest. Paying only the minimum ($240.00 this month) would take 25 years 3 months and cost $10,892. $400 a month instead saves $937 and 12 months.

Minimum only$300 a month$400 a month

Balance left, month by month, under each option.

Your three options

	Months	Interest
Minimum only (3%, $10 floor)	25 years 3 months	$10,892
$300 a month	3 years 1 month	$2,869
$400 a month	2 years 1 month	$1,932
Interest charged this month		$139.93

Interest paid in total

Would a balance transfer help?

Moving the balance to a card at 0% for 12 months with a 3% fee ($240), paying the same $300 a month, saves $1,811 and finishes in 2 years 7 months. To clear it before the promo ends you would need $686.67 a month. Whatever is left reverts to 20.99%, and new purchases on the new card usually accrue interest immediately.

Show the math

Each month: interest = balance × rate ÷ 12, added to the balance; your payment then applied; repeat until zero. The minimum-only path pays 3% of the balance (at least $10) each month, which is why it takes decades. Target payment solves the level payment for the months you choose. Balance transfer: the fee is added to the balance, the promo rate applies for 12 months, then the regular rate. Several debts: minimums on all, everything left over to the first debt in the chosen order, rolling each freed minimum forward. Interest is charged on the average daily balance in practice and the grace period is lost while you carry a balance, so real figures differ slightly.

If the payment the tool needs is not there

Free, regulated help exists and it usually beats a consolidation loan from the card issuer.

Call the issuer and ask for a lower rate or a hardship plan; many will cut the rate for six to twelve months if you ask.
Talk to a non-profit credit counsellor about a debt management plan: one payment, interest often reduced to zero, no cost to enrol.Credit Counselling Canada ↗
Know the difference between a consolidation loan, a consumer proposal and bankruptcy before signing anything.FCAC: getting help with debt ↗

Common questions

Frequently asked questions

How long does it take to pay off a credit card paying only the minimum?: On $5,000 at 19.99% with a 3% minimum, well over a decade, with interest exceeding the original balance. Because the minimum shrinks as the balance falls, the last few hundred dollars take years. Your statement must show this figure, which is why it is worth a look.
What is the minimum payment on a credit card in Canada?: Typically the greater of 3% of the balance and $10, though some cards use 2% or interest plus 1%. In Quebec the law requires a minimum of at least 5% of the balance.
Should I pay off my credit card or invest?: Pay the card. No investment reliably returns 20% a year after tax, and paying off a 20% card is a guaranteed 20% return. Keep an emergency fund, then attack the highest-rate balance first.
Does a balance transfer make sense?: A promotional rate of 0% to 3% for 6 to 12 months, usually with a 1% to 3% fee, can cut the interest sharply if you pay the balance off before the promotion ends and do not add new purchases. If you would not clear it in time, the standard rate returns.
How is credit card interest calculated?: Daily, on the average daily balance, at the annual rate divided by 365, and charged monthly. Once you carry a balance, new purchases accrue interest from the day they post; the 21-day grace period only applies when the previous statement was paid in full.
What happens if my payment barely covers the interest?: The balance never goes down. The calculator says 'never' in that case and shows the monthly interest so you can see the minimum needed to make progress.
How long does it take to pay off a credit card paying the minimum?: Decades. On $8,000 at 20.99% with a 3% minimum, about 24 years and more than $10,000 of interest, because the minimum shrinks as the balance falls. Quebec requires a 5% minimum, which roughly halves that. Any fixed payment above the minimum changes the picture completely.
Avalanche or snowball: which should I use?: Avalanche (highest interest rate first) costs the least in interest and is mathematically best. Snowball (smallest balance first) clears a debt sooner, which helps some people stay motivated. The calculator shows the months and interest for both so you can see what the motivation costs.
Is a balance transfer worth it?: If you can pay most of the balance off before the promo rate expires, usually yes: a 0% for 12 months offer with a 3% fee on $8,000 costs $240 and can save $1,500 or more of interest. The catch is the rate after the promo and that new purchases on the new card usually accrue interest immediately.
What if I cannot even cover the minimums?: Contact a non-profit credit counselling agency such as Credit Canada or Consolidated Credit; they can negotiate a debt management plan with reduced or frozen interest. A consumer proposal through a licensed insolvency trustee is the next step. Both are far cheaper than payday loans or ignoring the bills.

Full guide: how it works, a worked example, every rule and every source Read the guide →

Sources

Every figure on this page comes from one of these primary sources. Data last verified September 7, 2026.

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Data verified for tax year 2026: September 7, 2026 Updated September 7, 2026 By Nishant Malik, founder of GlassLayer