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More than the Minimum Payment

August 14, 2025

Why you should pay more than the minimum balance on a credit card.

When using a credit card, the goal should always be to pay off the balance in full every month. However, sometimes that’s just not possible. For those times when it’s hard to pay off the entire balance, the next best goal is to pay more than the minimum due. Here are two big reasons why.

1. The Big Picture Matters

Paying only the minimum due on your credit card can leave money for other things. But let’s think about the big picture.

Over time, only paying the minimum will cost you plenty.
Each month that goes by with only a minimum payment is another month that you’ll incur interest.
Every month, interest is applied to whatever remains on your balance, and that debt just continues to grow.
Try to think of the long-term savings you’ll achieve by paying off more than the minimum balance.

2. Eliminate Debt Faster

When you pay more than the minimum payment on your credit card, you give yourself a chance to eliminate debt faster.

Example 1

You have a credit card with 15% APR and a balance of $2,000.
If you pay $50 per month
It will take you 5 years to pay off that debt.
You’ll end up paying $789.93 in interest.

Example 2

You have a credit card with 15% APR and a balance of $2,000.
If you pay $100 per month
It will take you 2 years to pay off that debt.
You’ll end up paying $315.89 in interest.

By paying more than the minimum, you get out of debt sooner and pay less in total interest. Paying more than the minimum saves you time and money.

Do One Thing: Make more than the minimum payment on your credit card when you can’t afford to pay off the balance in full.

The material provided on this page is for informational use only and is not intended for financial, tax or investment advice. VisionBank, PurposeBank and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.

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