Credit cards · Basics · 2 of 7 · About 3 minutes

Paying only the minimum

Why the smallest repayment the bank asks for can take years to clear a balance.

1. 1The minimum repayment is the least the bank accepts each month.
2. 2Paying only the minimum can take decades.
3. 3A set amount each month clears it far sooner.
4. One question