Never Pay Only the Minimum on Credit Cards

The Problem

You pay the minimum and feel like you're being responsible. The balance barely moves.

The Hack

Always pay more than the minimum — even $20-50 extra per month makes a massive difference. Check your statement's 'minimum payment warning' box for the math.

Why It Works

Minimum payments are designed to maximize interest revenue for the bank. They're typically 1-2% of the balance — barely covering interest, leaving principal nearly untouched.

Pro Tips

• $5,000 at 22% APR, minimum only: 14 years, $4,500 in interest
• $5,000 at 22% APR, $200/month: 2.5 years, $1,400 in interest
• Even $20/month extra saves thousands and years
• Set autopay for MORE than the minimum