FAQ – Desjardins credit cards – Minimum payment

As of August 1, 2019, cardholders are required to pay a minimum of 5% of the balance on any new credit card they sign up for, including credit cards they switch to from another account.

To mitigate the impact these measures may have on cardholders whose minimum payment is currently 2%, we'll be increasing the minimum payment gradually.

To help credit cardholders manage their credit. A minimum payment of 5% helps cardholders to pay off their credit card balances faster, reducing interest charges.

No—the gradual increase of the minimum payment applies only to cardholders with a minimum payment of 2%, that is, cardholders with a low interest rate who used their card for the first time before August 1, 2019.

Cardholders with a regular interest rate already pay a 5% minimum.

The minimum payment will remain at 2% for the first year. The gradual increase will begin on August 1, 2020, at a rate of 0.5% per year until it reaches 5% on August 1, 2025, as follows:

August 1, 2019 to July 31, 2020
2.0%
August 1, 2020 to July 31, 2021
2.5%
August 1, 2021 to July 31, 2022
3.0%
August 1, 2022 to July 31, 2023
3.5%
August 1, 2023 to July 31, 2024
4.0%
August 1, 2024 to July 31, 2025
4.5%
As of August 1, 2025
5.0%

Since August 1, 2019, cardholders who sign up for a new card or change their card type are required to make minimum monthly payments of 5% of their total balance, which includes regular purchases, cash advances, cheques and interest.

The cardholder confirms they accept the terms and conditions associated with the card the first time they use it, rather than when they sign up for it. The first time they use their card, they’re effectively signing their credit card contract.

The following transactions qualify as the first use of your card: regular purchase, cash advance, cheque or Accord D financing.

If their current credit card doesn’t have a low interest rate, nothing will change as their minimum payment is already 5%. If their current credit card does have a low interest rate, regardless of whether they switch to a low or regular interest rate card, the minimum payment on their new credit card is 5% if they used it for the first time on or after August 1, 2019.

See the table for examples of minimum payments required for each period.

Minimum payments required for each period
Minimum payment (%) Card balance
$500 $2,000 $5,000
2.0% $10.00 $40.00 $100.00
2.5% $12.50 $50.00 $125.00
3.0% $15.00 $60.00 $150.00
3.5% $17.50 $70.00 $175.00
4.0% $20.00 $80.00 $200.00
4.5% $22.50 $90.00 $225.00
5.0% $25.00 $100.00 $250.00

In the example above, the cardholder would pay $40.00 on a balance of $2,000 if the minimum payment amount is 2%, and $100.00 if it's 5%.

  1. Balance of regular purchases, cash advances and the interest calculated on this balance. The balance also includes any overdue amounts or amount owing in relation to due for Accord D financing.

The minimum payment applies to the total balance of regular purchases, cash advances and interest calculated on this balance.

Yes. All low interest credit cards belonging to cardholders outside of Quebec are subject to a gradual increase in minimum payment.

To help credit cardholders manage their credit. A minimum payment of 5% helps cardholders to pay off their credit card balances faster, reducing credit charges.

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