Your minimum payment will depend on a few major factors: how your credit card issuer calculates minimum payments, whether or not part of your balance has been carried over from previous months, and your province of residence. As we mentioned above, there are a few ways that your minimum payment could be calculated. If the balance has not been carried over from a previous month and you do not live in Quebec, you can expect your minimum payment to be either a flat rate, usually around $10, or percentage of your bill, usually around 3%, which in this case would be $150. If part of the $5,000 has been carried over from a previous month, your credit card provider may include the interest in your minimum payment. For example, if you are carrying a balance of $3,500, accrued $58.33 in interest last month, spent an additional $1441.67 this month, and generally have a $10 flat rate minimum payment, your credit card provider may increase this month’s minimum payment to $68.33 in order to collect the interest. If you live in Quebec, the above still applies, but your minimum payment must also be at least a certain percentage of your statement. If you opened your credit card on or after August 1, 2019, the minimum payment must be at least 5%. If you opened your credit card before August 1, 2019, the minimum payment must be at least 3.5%, though this number will increase by 0.5% on August 1st of each year until it reaches 5% in 2025.