Debt and savings
Credit card interest
How long it takes to clear a balance, and what waiting really costs.
A standard card runs around 19.99%. A low-rate card, around 12.99%.
Fill in the fields to see the result.
Enter the card balance and its annual rate.
These results are provided for illustration only. They apply the Canadian mortgage rules and the Quebec schedule in force, but they are not an offer of financing nor investment advice: the actual rate, amortization and terms depend on your file and on the lender chosen, and are subject to change. For a firm answer, talk to a broker.
Does that number work for you? A broker will confirm it with a real lender. In most files our compensation comes from the lender — if it were ever otherwise, your broker tells you before anything moves.
Schedule 2026 — Société canadienne d’hypothèques et de logement (checked on 2026-08-25) · Convention interne du cabinet (titulaire à confirmer au registre de l’AMF) (checked on 2026-08-30).
What the number does not tell you
Card interest accrues daily on the unpaid balance. Paying it in full before the statement due date cancels it entirely — it is all or nothing: a partial balance accrues interest on the whole amount, not the remainder. The minimum payment is designed to maximize duration: sticking to it stretches repayment over decades — enter your balance and rate, the exact duration shows.
For a homeowner this balance has a second, invisible cost: in the total debt-service ratio, the lender does not use your minimum payment but a theoretical payment on the balance — the convention used here is 5 % of the balance per month. Every dollar of balance therefore cuts several dollars of purchase price from your capacity; the borrowing-capacity calculator puts a number on it for your file.