Minimum payment
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The least you can pay without a late fee. It does almost nothing about the interest. The minimum is the floor, not the price.
Every US statement has to print a Minimum Payment Warning. In Canada, minimums are usually $10 or 3% of the balance, whichever is more; 5% in Quebec since August 1, 2025.
You can pay more than the minimum. Any amount above it, any day, as many times a month as you want. Every extra dollar goes against the balance, so next month’s interest gets smaller.
From FILE 004: the $57 trap, or see your payoff with the free First Card Calculator.
Sources
Official and government data first. Every quote is word for word; follow the link to check it yourself.
Consumer Financial Protection Bureau · Regulation Z §1026.7(b)(12): Minimum Payment Warning
Every US statement must show what paying only the minimum costs, and the payment that clears the balance in 3 years. The required heading: “Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance”
consumerfinance.gov (opens in a new tab)Financial Consumer Agency of Canada · “Paying off your credit card”
“the higher of a dollar amount, typically $10, or a percentage of your outstanding balance, typically 3%” / “Since August 1st, 2025, the credit card minimum payment for Quebec residents is 5%.”
canada.ca (opens in a new tab)Consumer Financial Protection Bureau · Regulation Z §1026.7(b)(12): Minimum Payment Warning
Every US statement must show what paying only the minimum costs, and the payment that clears the balance in 3 years. The required heading: “Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance”
consumerfinance.gov (opens in a new tab)Financial Consumer Agency of Canada · “Paying off your credit card”
“the higher of a dollar amount, typically $10, or a percentage of your outstanding balance, typically 3%” / “Since August 1st, 2025, the credit card minimum payment for Quebec residents is 5%.”
canada.ca (opens in a new tab)