Why minimum payments cost so much

Compare paying only the minimum with paying a fixed amount every month. No new purchases are added.

Minimum payment here is the month's interest plus 1% of the balance, or $25, whichever is more. Cards differ, so check your statement.

Minimum only

Time to pay off
Interest paid

Fixed payment

Time to pay off
Interest paid
Today
  • Balance, minimum only
  • Balance, fixed payment