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Canadian Credit Card Calculator

Our credit card calculator examines three potential scenarios for paying off a credit card: making only minimum credit card payments; making minimum payments plus an additional monthly amount; or making a fixed payment on the credit card every month.

Here are some other things this calculator can do:

What you can do with this credit card calculator

  • Basic credit card calculations
    See how much it will cost to pay off a credit card in the most basic of circumstances.
  • Annual fees
    See if paying an annual fee for additional features and a lower rate helps pay off a credit card faster.
  • Compare two credit cards side-by-side
    Use this calculator to compare how much interest is paid for two different credit cards.
  • Introductory rates NEW!
    See if a low introductory rate helps you pay off your credit card debt faster. To use this feature, enable the credit card calculator's advanced features, below.
  • Balance transfer fees NEW!
    If switching to a credit card incurs balance transfer fees, use this feature to see how it will affect your bottom line. To use this feature, enable the credit card calculator's advanced features, below.

Canadian Credit Card Calculator

Credit card balance $
 
 Card #1 Card #2
Annual interest rate   %   %
Compounding period    
Annual fee $ $
 
Introductory rate period    
Introductory annual rate   %   %
Balance transfer fee    
 
Compare two credit cards?  
View advanced features?  

Minimum Payment Option

The following fields are used to analyze a scenario in which you make only minimum payments on your credit card. Consequently, this method will result in the largest amount of money lost to interest payments.

 Card #1 Card #2
Minimum payment $  or $  or
Minimum percentage paid   %   %

Note: Actual minimum payment will always be the larger of the above two fields during a given month.

Minimum Plus Additional Payment Option

These fields will be used to analyze a scenario in which you make minimum payments on your credit card plus an extra bit every month.

 Card #1 Card #2
Additional payment $ $
Minimum payment (first month) $ $
Total payment (first month) $ $

Fixed Payment Option

In this scenario, you make a payment of a fixed amount every month until the credit card balance is paid in full.

 Card #1 Card #2
Fixed payment amount $ $
   
Summary of Calculations

Summary of Calculations

Scenario 1: Making only the minimum credit card payments.
It would take 11 years, 11 months to pay down the principal balance of $1,000.00 by making only minimum payments. You would pay approximately $945.66 in interest during this time, your total payments amounting to $2,125.67.

Scenario 2: Making the minimum credit card payments plus an additional payment every month.
By making minimum payments plus $5.00 each month, it would take 6 years, 9 months to pay down the principal balance of $1,000.00. You would pay approximately $567.07 in interest during this time. Your total payments would amount to $1,672.07.

Scenario 3: Paying a fixed amount on your credit card debt every month.
It would take 3 years, 4 months to pay down the principal balance of $1,000.00 by making fixed payments of $35.00 per month. You would pay approximately $338.31 in interest, and the total amount of all payments would be $1,398.32.

Comparision Table

Comparison Table

  Minimum payments Min. payments and
Extra payment
Fixed payment amount
Original balance $1,000.00 $1,000.00 $1,000.00
Time to pay off 11 years,
11 months
6 years,
9 months
3 years,
4 months
Interest paid $945.66 $567.07 $338.31
Total payments made $2,125.67 $1,672.07 $1,398.32
Savings on payments - $453.60 $727.35
Time saved - 5 years,
2 months
8 years,
7 months
Most interest Least interest
Graphs of Credit Card Calculations

Credit Card Graphs

Graph of Time Spent Repaying the Credit Card Debt

This first graph shows a comparison of the times spent repaying credit debt for each repayment scenario.


Graph of the Cost of Repaying the Credit Card Debt

This second graph compares the interest and total payment amounts for each of the same scenarios.

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