A minimum card payment is not full repayment
A minimum card payment is not full repayment
The minimum payment is the smallest amount due under the statement.
It differs from the total card debt.
Paying the minimum can leave a remaining balance.
That balance may accrue interest.
An on-time payment therefore need not end the debt.
New purchases can also change the balance.
Repayment-time estimates depend on specified assumptions.
Some estimates assume no additional purchases.
Cards do not all use an identical minimum-payment formula.
Distinguish the amount due from the total balance when reading statements.