Minimum payment

A credit card's minimum payment is the least you must pay by the due date to keep the account in good standing, usually 1% of the balance plus interest, or 2% to 4% of the balance, with a floor of about $25 to $40.

Paying only the minimum keeps you current but takes years and costs a lot of interest, because the minimum shrinks as the balance does. Statements must show how long minimum payments would take and the payment that clears the balance in three years.

Sources: CFPB: Regulation Z, 12 CFR 1026.7