Minimum credit card payments to be set at 5 per cent in Quebec

Starting Aug. 1, all credit card holders in Quebec will be required to repay at least five per cent of their card balance each month, an increase of 0.5 per cent.

The new payment minimum, up from 4.5 per cent, will apply to all contracts entered into before August 2019.

“This latter percentage already applies to credit card applications made in the last six years,” reads a news release from the government consumer protection agency, the Office de la protection du consommateur.

For purchases of $1,000, this new increase represents $50.

The agency is reminding consumers that the best way to avoid fees is to pay your credit card off every month.

“Whenever possible, it is best to pay off your credit card balance in full each month: no credit charges will apply. For people who do this, the upcoming 0.5 per cent increase will have no impact,” the news release said.

The consumer protection agency also encourages Quebecers who find it difficult to make the minimum payment to reach out to consumer associations that offer free budget consultation services.

To help, Quebec’s Maximum Interest page features a credit charge calculator that provides several examples that explain the benefits of making more than the minimum payment.

In Canada, more than 1.4 million people, or one in 22 consumers, missed at least one credit payment in the first quarter of 2025, even as average monthly spending per credit card holder decreased by $107, according to Equifax data, and

as reported by Noovo Info.