How is my Credit Card minimum payment calculated?

If you reside outside the province of Québec, the Minimum Payment for your Account is calculated as follows:

$10 + interest + any fees + any past due amount + any over limit amount.

For residents of the province of Québec who have an Account opened before August 1, 2019, your monthly Minimum Payment is changing and will be calculated as follows starting on August 1, 2019:

• 2.50% of your outstanding New Balance on your statement each month.
• The 2.50% will increase by 0.50% increments in each 12 month period after August 1, 2019 (to a maximum of 5.00% of the outstanding New Balance that appears on your statement each month) as outlined in the table below.

For example, effective August 1, 2020, instead of the Minimum Payment being 2.50% of the outstanding New Balance on your statement, it will be 3.00% of the outstanding New Balance on your statement.

For residents of the province of Québec who open a new Account on or after August 1, 2019, the Minimum Payment is also changing and will be 5.00% of the outstanding New Balance on your statement each month. Full details about the Minimum Payment will be provided at the time of application for the Credit Card Account.

If you like, you can read the legal stuff here.