For those of you who live in Quebec, your credit card laws tend to be slightly different when compared to the rest of Canada.
Offers from select issuers are different, you have no balance transfer fees, and how your credit card minimum payments are calculated is different too.
And starting August 1st, 2020, a change is coming to that last point.
Never miss an amazing deal again + get our bonus 250+ page eBook for FREE. Join 50,000 other Canadians who receive our weekly newsletter – learn more.
Credit card minimum payments in Quebec to increase to 5%
Right now, Quebec residents have their minimum payment calculated as 2% of the amount they owe (for the rest of Canada, minimum payment is 2.5% of the balance owed, with a minimum payment of $10).
Starting on August 1st, it will increase to 2.5%, then will continue to increase 0.5% every year until it reaches 5%.
This gradual increase only applies to accounts that are already open. If you open up a new credit card account after August 1st, the minimum payment will be 5%.
You can learn more about this change here.
Related: The Unknown Credit Card Fees You Have To Watch Out For
Your thoughts
These changes are meant to decrease credit card debt by forcing cardholders to pay more towards their credit card balances.
What are your thoughts on the changes? Are they helpful or harmful?
Let us know in the comments below.
creditcardGenius is the only tool that compares 126+ features of 228 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 228 cards is for you.
GC: 
Comments
Leave a comment
Required fields are marked with *. Your email address will not be published.