Quebec's minimum credit card payment to increase to 4.5%
Credit cards as seen Thursday, July 1, 2021, in Orlando, Fla. When the Federal Reserve announces that it’s raising interest rates, it’s all over the news. And unlike other kinds of loans with fixed rates, credit card interest is variable, meaning rates will go up as a result of the Fed’s decision. If you have credit card debt, should you be worried? Not any more than usual. (AP Photo/John Raoux, File)
Minimum credit card payments in Quebec will increase to 4.5 per cent on August 1.
To lower Quebecers' overall consumer debt, the Quebec Consumer Protection Office adopted new measures in 2017, including a gradual increase in the minimum payment rate until 2025.
The rate increased from three per cent to 3.5 per cent in 2022, and increased to four per cent in 2023.
The new rate of 4.5 per cent will be higher than the rest of Canada, where the minimum payment is typically between two and three per cent, depending on the issuer.
The final increase in Quebec is expected on August 1, 2025, when the minimum payment will jump from 4.5 to five per cent.
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