Banky team Reviewed editorial answerIf you only pay the minimum amount on your credit card, you avoid going completely behind on payments, but the remaining balance remains and may incur interest or financing costs depending on the card's terms.
Key points
Repeatedly paying the minimum amount can extend the debt and significantly increase your costs.
If possible, compare paying off your entire statement with paying the minimum amount in terms of interest and duration before making your choice.
The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.