{"id":307,"date":"2021-06-29T15:41:27","date_gmt":"2021-06-29T22:41:27","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=307"},"modified":"2023-12-20T03:29:03","modified_gmt":"2023-12-20T11:29:03","slug":"minimum-payment-credit-card","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/minimum-payment-credit-card","title":{"rendered":"Credit Card Minimum Payments: How They Work"},"content":{"rendered":"\n<p>Making the minimum payment on your <a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/what-is-credit-card\">credit card<\/a> is required to avoid penalties. Making only the minimum payment is also a valid survival strategy for conserving cash in an emergency. But as a long-term strategy, paying the lowest required amount can spell trouble. <\/p>\n\n\n\n<p>While they may keep your account in good standing and let you avoid late fees, minimum payments don\u2019t go very far toward reducing your credit card debt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is a credit card minimum payment?<\/h2>\n\n\n\n<p>A credit card minimum payment is the smallest amount of money you can pay to keep your credit card in good standing. You\u2019re contractually obligated to pay this minimum, so failing to do so may result in a late fee. In some cases, your card issuer may raise your interest rate if you miss or underpay the minimum payment. This is also known as a penalty <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/apr-vs-apy\">APR<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How credit card minimum payments are calculated<\/h2>\n\n\n\n<p>The minimum payment is either a fixed amount \u2014 often $10 \u2014 or a percentage of the balance, whichever is greater. Some cards require you to pay just a percentage of your <a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/what-is-a-credit-card-balance\">credit card balance<\/a> \u2014 typically between 1% to 3%. For example, if you had a $2,000 credit card balance, a 3% minimum payment would be $60. Others may require a percentage, plus any late fees and accrued interest.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-trust-card is-style-alt\"><div class=\"c-block-trust-card\"><h3 class=\"c-block-trust-card__title\">Nerdy tip<\/h3><div class=\"c-block-trust-card__description\"><p>You can learn more about how your card issuer calculates minimum payments in your cardholder agreement. You can find the agreement online when you log into your account. If you\u2019re having trouble locating your agreement, call your card provider to request a paper or digital copy.<\/p><\/div><ul class=\"c-block-trust-card__bullet-points\"><\/ul><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">What happens if I only make the minimum payment?<\/h2>\n\n\n\n<p>Let\u2019s say you owe $5,000 on a credit card with a 20% interest rate, and the minimum payment is a flat 3% of your overall balance (or $10, whichever is higher).&nbsp;<\/p>\n\n\n\n<p>Here\u2019s how two potential payment schedules would shake out, according to the Government of Canada credit card repayment calculator.<a href=\"#sources\" class=\"js-scroll-to\" rel=\"nofollow noopener noreferrer\" target=\"_self\">[1]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Minimum payment only<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Total time to pay off balance<\/strong><\/td><td><strong>20 years, 11 months<\/strong><\/td><\/tr><tr><td><strong>Total interest paid<\/strong><\/td><td>$5,991<\/td><\/tr><tr><td><strong>Total paid<\/strong><\/td><td>$10,991<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Let\u2019s see what happens when you pay more than the minimum.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">$50 more than the minimum payment<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Total time to pay off balance<\/strong><\/td><td><strong>5 years, 3 months<\/strong><\/td><\/tr><tr><td><strong>Total interest paid<\/strong><\/td><td>$2,304<\/td><\/tr><tr><td><strong>Total paid<\/strong><\/td><td>$7,304<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Finally, let\u2019s see what happens when you pay a fixed amount each month.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">$200 fixed payment each month<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Total time to pay off balance<\/strong><\/td><td><strong>2 years, 9 months<\/strong><\/td><\/tr><tr><td><strong>Total interest paid<\/strong><\/td><td>$1,522<\/td><\/tr><tr><td><strong>Total paid<\/strong><\/td><td>$6,522<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>The bottom line:<\/strong> Paying more than the minimum balance means your money is more effective, you generate less interest and you\u2019ll pay off your credit card at a faster rate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Credit card repayment calculator<\/h2>\n\n\n\n<p>Use our fixed payment calculator to find out how long it\u2019ll take to clear your balance.<\/p>\n\n\n\n\t<pre style=\"display:none !important;\"><script type=\"text\/javascript\">\n\t function doValidate_1(form)\n\t {\n        window['cff_enabling_form' ] = function(_form){\n            if(!(_form instanceof $dexQuery)) _form = $dexQuery(_form);\n            _form.removeData('being-submitted');\n            _form.find('.submitbtn-disabled').removeClass('submitbtn-disabled');\n            _form.find('.cff-processing-form').remove();\n        };\n        window['cff_disabling_form'] = function(_form){\n            if(!(_form instanceof $dexQuery)) _form = $dexQuery(_form);\n            if(cff_form_disabled(_form)) return;\n            _form.find('.pbSubmit').addClass('submitbtn-disabled');\n            _form.data('being-submitted',1);\n            var d = document.createElement('div');\n            $dexQuery(d).addClass('cff-processing-form').appendTo(_form.find('#fbuilder'));\n        };\n        window['cff_form_disabled' ] = function(_form){\n            if(!(_form instanceof $dexQuery)) _form = $dexQuery(_form);\n            return ('undefined' != typeof _form.data('being-submitted'));\n        };\n\t\tvar form_identifier =  '_1';\n\t\tif(typeof cpcff_validation_rules == 'undefined') cpcff_validation_rules = {};\n\t\tif(typeof cpcff_validation_rules[form_identifier] == 'undefined') cpcff_validation_rules[form_identifier] = {};\n\t\tvar $dexQuery = (fbuilderjQuery) ? fbuilderjQuery : jQuery.noConflict(),\n\t\t\t_form = $dexQuery(\"#cp_calculatedfieldsf_pform\"+form_identifier),\n\t\t\tform_disabled = function(){cff_form_disabled(_form);},\n\t\t\tdisabling_form = function(){cff_disabling_form(_form);},\n\t\t\tenabling_form = function(){cff_enabling_form(_form);};\n\t\tif(form_disabled()) return false;\n\t\t_form.validate().settings.ignore = '.ignore';\n\t\tvar\tcpefb_error = !_form.validate().checkForm();\n\t\t_form.validate().settings.ignore = '.ignore,.ignorepb';\n\t\tvar\tvalidation_rules = cpcff_validation_rules[form_identifier],\n\t\t\tprocessing_form = function()\n\t\t\t{\n                \t\t\t\tfor(var rule in validation_rules)\n\t\t\t\t{\n\t\t\t\t\tif(!validation_rules[rule]) return;\n\t\t\t\t}\n\t\t\t\t_form.find(\"[name$='_date'][type='hidden']\").each(function(){\n\t\t\t\t\tvar v  \t = $dexQuery(this).val(),\n\t\t\t\t\t\tname = $dexQuery(this).attr( 'name' ).replace('_date', ''),\n\t\t\t\t\t\te \t = $dexQuery(\"[name='\"+name+\"']\"); if( e.length ){ e.val( $dexQuery.trim( e.val().replace( v, '' ) ) ); }\n\t\t\t\t});\n\t\t\t\t_form.find(\"select option[vt]\").each(function(){\n                    var e = $dexQuery(this);\n                    e.attr('cff-val-bk', e.val()).val(e.attr(\"vt\"));\n\t\t\t\t});\n\t\t\t\t_form.find(\"input[vt]\").each(function(){\n                    var e = $dexQuery(this);\n                    e.attr('cff-val-bk', e.val()).val(e.attr(\"vt\"));\n\t\t\t\t});\n\t\t\t\t_form.find('.cpcff-recordset,.cff-exclude :input,[id^=\"form_structure_\"]')\n\t\t\t\t.add(_form.find( '.ignore' )).attr('cff-disabled', 1).prop('disabled', true);\n\t\t\t\tdisabling_form();\n                _form[ 0 ].submit();\n                setTimeout(function(){\n                    _form.find('[cff-val-bk]').each(function(){\n                        var e = $dexQuery(this);\n                        e.val(e.attr('cff-val-bk')).removeAttr('cff-val-bk');\n                    });\n                    _form.find('[cff-disabled]').prop('disabled', false).removeAttr('cff-disabled');\n                    if(!\/^(\\s*|_self|_top|_parent)$\/i.test(_form.prop('target')))\n                    {\n                        enabling_form();\n                    }\n                    $dexQuery(document).trigger('cff-form-submitted', _form);\n                }, 4000);\n\t\t\t};\n\t\t_form.find('[name=\"cp_ref_page\"]').val(document.location.href);\n\t\tvalidation_rules['fields_validation_error'] = (cpefb_error==0);\n        \/* 1: Do not submit if the equations are being evaluated *\/\n        validation_rules['no_pending'] = (!(form_identifier in $dexQuery.fbuilder.calculator.processing_queue) || !$dexQuery.fbuilder.calculator.processing_queue[form_identifier]) && !$dexQuery.fbuilder.calculator.thereIsPending(form_identifier);\n\t\tif(!validation_rules['no_pending'])\n\t\t{\n\t\t\t$dexQuery(document).on('equationsQueueEmpty', function(evt, formId){\n\t\t\t\tif(formId == form_identifier)\n\t\t\t\t{\n\t\t\t\t\t$dexQuery(document).off('equationsQueueEmpty');\n\t\t\t\t\tvalidation_rules['no_pending']  = true;\n\t\t\t\t\tprocessing_form();\n\t\t\t\t}\n\t\t\t});\n\t\t}\n\t\t\/* End :1 *\/\n\t\tif (validation_rules['fields_validation_error'])\n\t\t{\n\t\t\t\t\tprocessing_form();\n\t\t\t\t}\n\t\telse\n\t\t{\n\t\t\tenabling_form();\n\t\t}\n\t\treturn false;\n\t}\n\t<\/script><\/pre>\n\t<form name=\"cp_calculatedfieldsf_pform_1\" id=\"cp_calculatedfieldsf_pform_1\" action=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/minimum-payment-credit-card\" method=\"post\" enctype=\"multipart\/form-data\" onsubmit=\"return doValidate_1(this);\" class=\"cff-form \">\n\t\t\t<input type=\"hidden\" name=\"cp_calculatedfieldsf_pform_psequence\" value=\"_1\" \/><input type=\"hidden\" name=\"cp_calculatedfieldsf_pform_process\" value=\"1\" \/><input type=\"hidden\" name=\"cp_calculatedfieldsf_id\" value=\"1455\" \/><input type=\"hidden\" name=\"cp_ref_page\" value=\"https:\/\/www.nerdwallet.com\/ca\" \/><pre style=\"display:none !important;\"><script type=\"text\/javascript\">form_structure_1=[[{\"form_identifier\":\"\",\"name\":\"fieldname2\",\"shortlabel\":\"\",\"index\":0,\"ftype\":\"fnumber\",\"userhelp\":\"\\u003Cstrong\\u003EThis is the balance you currently owe. It should reflect your last statement plus your most recent transactions.\\u003C\\\/strong\\u003E\",\"userhelpTooltip\":true,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"Current balance\",\"predefined\":\"$\",\"predefinedClick\":true,\"required\":false,\"exclude\":false,\"readonly\":false,\"numberpad\":false,\"size\":\"medium\",\"thousandSeparator\":\",\",\"decimalSymbol\":\".\",\"min\":\"1\",\"max\":\"\",\"formatDynamically\":false,\"dformat\":\"number\",\"formats\":[\"digits\",\"number\",\"percent\"],\"fBuild\":{},\"parent\":\"\"},{\"form_identifier\":\"\",\"name\":\"fieldname3\",\"shortlabel\":\"\",\"index\":1,\"ftype\":\"fnumber\",\"userhelp\":\"\\u003Cstrong\\u003EEnter at least your minimum monthly payment. Minimum payments are typically $10 or 1-3% of the total balance due, whichever is higher.\\u003C\\\/strong\\u003E\",\"userhelpTooltip\":true,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"Monthly payment\",\"predefined\":\"$\",\"predefinedClick\":true,\"required\":false,\"exclude\":false,\"readonly\":false,\"numberpad\":false,\"size\":\"medium\",\"thousandSeparator\":\",\",\"decimalSymbol\":\".\",\"min\":\"1\",\"max\":\"\",\"formatDynamically\":false,\"dformat\":\"number\",\"formats\":[\"digits\",\"number\",\"percent\"],\"fBuild\":{},\"parent\":\"\"},{\"form_identifier\":\"\",\"name\":\"fieldname4\",\"shortlabel\":\"\",\"index\":2,\"ftype\":\"fnumber\",\"userhelp\":\"\\u003Cstrong\\u003EYour annual percentage rate (APR) is the yearly interest rate on your credit card.\\u003C\\\/strong\\u003E\",\"userhelpTooltip\":true,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"APR (%)\",\"predefined\":\"%\",\"predefinedClick\":true,\"required\":false,\"exclude\":false,\"readonly\":false,\"numberpad\":false,\"size\":\"medium\",\"thousandSeparator\":\",\",\"decimalSymbol\":\".\",\"min\":\"1\",\"max\":\"\",\"formatDynamically\":false,\"dformat\":\"number\",\"formats\":[\"digits\",\"number\",\"percent\"],\"fBuild\":{},\"parent\":\"\"},{\"form_identifier\":\"\",\"name\":\"fieldname5\",\"shortlabel\":\"\",\"index\":3,\"ftype\":\"fhtml\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"fcontent\":\"\\u003Ch3\\u003EResults\\u003C\\\/h3\\u003E\",\"fBuild\":{},\"parent\":\"\"},{\"dependencies\":[{\"rule\":\"\",\"complex\":false,\"fields\":[\"\"]}],\"form_identifier\":\"\",\"name\":\"fieldname6\",\"shortlabel\":\"\",\"index\":4,\"ftype\":\"fCalculated\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"You'll be debt free in\",\"predefined\":\"\",\"required\":false,\"exclude\":false,\"size\":\"medium\",\"eq\":\"CEIL(CALCULATEMONTHS(fieldname2,fieldname4,fieldname3))\",\"min\":\"\",\"max\":\"\",\"suffix\":\" months\",\"prefix\":\"\",\"decimalsymbol\":\".\",\"groupingsymbol\":\",\",\"readonly\":true,\"currency\":false,\"noEvalIfManual\":true,\"formatDynamically\":false,\"hidefield\":false,\"fBuild\":{},\"parent\":\"\"},{\"dependencies\":[{\"rule\":\"\",\"complex\":false,\"fields\":[\"\"]}],\"form_identifier\":\"\",\"name\":\"fieldname7\",\"shortlabel\":\"\",\"index\":5,\"ftype\":\"fCalculated\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"num\",\"predefined\":\"\",\"required\":false,\"exclude\":false,\"size\":\"medium\",\"eq\":\"((fieldname2*(fieldname4\\\/100\\\/12))\\\/fieldname3*-1)+1\",\"min\":\"\",\"max\":\"\",\"suffix\":\"\",\"prefix\":\"$\",\"decimalsymbol\":\".\",\"groupingsymbol\":\"\",\"readonly\":true,\"currency\":false,\"noEvalIfManual\":true,\"formatDynamically\":false,\"hidefield\":true,\"fBuild\":{},\"parent\":\"\"},{\"dependencies\":[{\"rule\":\"\",\"complex\":false,\"fields\":[\"\"]}],\"form_identifier\":\"\",\"name\":\"fieldname8\",\"shortlabel\":\"\",\"index\":6,\"ftype\":\"fCalculated\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"den\",\"predefined\":\"\",\"required\":false,\"exclude\":false,\"size\":\"medium\",\"eq\":\"1+(fieldname4\\\/100\\\/12)\",\"min\":\"\",\"max\":\"\",\"suffix\":\"\",\"prefix\":\"$\",\"decimalsymbol\":\".\",\"groupingsymbol\":\"\",\"readonly\":true,\"currency\":false,\"noEvalIfManual\":true,\"formatDynamically\":false,\"hidefield\":true,\"fBuild\":{},\"parent\":\"\"},{\"dependencies\":[{\"rule\":\"\",\"complex\":false,\"fields\":[\"\"]}],\"form_identifier\":\"\",\"name\":\"fieldname9\",\"shortlabel\":\"\",\"index\":7,\"ftype\":\"fCalculated\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"log\",\"predefined\":\"\",\"required\":false,\"exclude\":false,\"size\":\"medium\",\"eq\":\"LOG(fieldname7)\\\/LOG(fieldname8)*(-1)\",\"min\":\"\",\"max\":\"\",\"suffix\":\"\",\"prefix\":\"\",\"decimalsymbol\":\".\",\"groupingsymbol\":\"\",\"readonly\":true,\"currency\":false,\"noEvalIfManual\":true,\"formatDynamically\":false,\"hidefield\":true,\"fBuild\":{},\"parent\":\"\"},{\"dependencies\":[{\"rule\":\"\",\"complex\":false,\"fields\":[\"\"]}],\"form_identifier\":\"\",\"name\":\"fieldname10\",\"shortlabel\":\"\",\"index\":8,\"ftype\":\"fCalculated\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"Interest you'll pay\",\"predefined\":\"\",\"required\":false,\"exclude\":false,\"size\":\"medium\",\"eq\":\"PREC((fieldname9*fieldname3)-fieldname2,2)\",\"min\":\"\",\"max\":\"\",\"suffix\":\"\",\"prefix\":\"$\",\"decimalsymbol\":\".\",\"groupingsymbol\":\"\",\"readonly\":true,\"currency\":false,\"noEvalIfManual\":true,\"formatDynamically\":false,\"hidefield\":false,\"fBuild\":{},\"parent\":\"\"},{\"fBuild\":{},\"name\":\"fieldname11\",\"index\":9,\"parent\":\"\",\"fcontent\":\"\\u003Ci\\u003EResults are estimates only. Your actual interest payment and length of debt may vary.\\u003C\\\/i\\u003E\",\"form_identifier\":\"\",\"shortlabel\":\"\",\"ftype\":\"fhtml\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\"}],{\"0\":{\"title\":\"\\u003Ch2\\u003EWhen will you be debt free?\\u003C\\\/h2\\u003E\",\"description\":\"Enter your payment details to find out what your debt is really costing you.\",\"formlayout\":\"top_aligned\",\"formtemplate\":\"cp_cff_13\",\"request_cost\":\"fieldname2\",\"evalequations\":1,\"evalequationsevent\":2,\"loading_animation\":0,\"autocomplete\":1,\"persistence\":0,\"animate_form\":0,\"customstyles\":\"\"},\"formid\":\"cp_calculatedfieldsf_pform_1\",\"setCache\":false,\"cache\":false}];<\/script><\/pre>\n\t\t<div id=\"fbuilder\">\n\t\t\t\t\t\t<div id=\"fbuilder_1\">\n\t\t\t\t<div id=\"formheader_1\"><\/div>\n\t\t\t\t<div id=\"fieldlist_1\"><\/div>\n                <div class=\"clearer\"><\/div>\n\t\t\t<\/div>\n\t\t\t<div id=\"cpcaptchalayer_1\" class=\"cpcaptchalayer\" style=\"display:none;\">\n\t\t\t            \t\t\t<div class=\"fields\" id=\"field-c0\" style=\"display:none\">\n\t\t\t\t<label>Payment options<\/label>\n\t\t\t\t<div class=\"dfield\">\n\t\t\t\t \t\t\t\t <!--addons-payment-options-->\n    \t\t\t \t\t\t\t<\/div>\n\t\t\t\t<div class=\"clearer\"><\/div>\n\t\t\t<\/div>\n\t\t\t<!--addons-payment-fields-->\n\t\t\t\t\t\t<!--add-ons-->\n\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"clearer\"><\/div>\n\t\t<\/div>\n\t\t<\/form>\n\n\n\n\n<h2 class=\"wp-block-heading\">3 reasons why you should pay more than the minimum<\/h2>\n\n\n\n<p>Sometimes you can only make the minimum payment, and that\u2019s okay \u2014 so long as it doesn\u2019t become a habit. If you can pay more than the minimum, you may be surprised by the results.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. You can pay off debt quicker<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/credit-card-issuer-vs-network\">Credit card issuers<\/a> tend to set minimum payment requirements at rock-bottom levels. Making these small payments on your <a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/how-to-read-credit-card-statement\">credit card bill<\/a> will let you avoid late fees, but you won\u2019t make any real progress on paying down your balance. If you pay more than the minimum, you can significantly shorten the length of time it\u2019ll take to pay off the debt in full.&nbsp;<\/p>\n\n\n\n<p>Using the above example, if you owe $5,000 and only make the 3% minimum payment, it\u2019ll take over 21 years to pay off the debt \u2014 and that\u2019s assuming you don\u2019t charge anything else. However, if you pay just $50 more than the minimum payment each month, it\u2019ll take roughly five years.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. You\u2019ll end up paying a lot more interest<\/h3>\n\n\n\n<p>Even if you\u2019re using a card with a lower-than-typical interest rate, your <a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/how-credit-card-interest-rates-work-in-canada\">interest charges<\/a> will grow \u2014 quickly \u2014 along with your balance. Make only the minimum payment, and you\u2019ll barely wipe out last month\u2019s interest. And if you keep charging items to the card, you\u2019ll fall further and further behind.<\/p>\n\n\n\n<p>Again, using the above example, if you owe $5,000 and only pay the 3% minimum payment, you would incur $5,991 in interest as you paid off your credit card. If you paid an additional $50 monthly, you would generate $2,304 in interest \u2014 less than half the amount of interest accrued in the first example.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Your credit score could suffer<\/h3>\n\n\n\n<p>When your credit card balance climbs, so does your <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-credit-utilization\">credit utilization ratio<\/a> \u2014 the percentage of your credit you\u2019re using. And because your credit utilization ratio is a major factor in your <a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/what-credit-score-for-credit-card\">credit score<\/a>, high balances can drag it down.&nbsp;However, an&nbsp;<a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/overpaid-credit-card\">overpaid credit card<\/a>, one that has a negative balance will not have a negative impact on your credit score.<\/p>\n\n\n\n<p>Low scores can make it harder to qualify for affordable loans and credit cards with the best terms. It can even affect your ability to find a job or rent an apartment, as employers and landlords commonly review applicants\u2019 credit history.<\/p>\n\n\n\n<p>Whether you have one or <a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/how-many-credit-cards-should-i-have\">multiple credit cards<\/a>, it\u2019s best to use less than 35% of your total combined <a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/about-credit-card-limit\">credit limit<\/a>. If you can use less, that\u2019s even better. <\/p>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-trust-card is-style-alt\"><div class=\"c-block-trust-card\"><h3 class=\"c-block-trust-card__title\">Nerdy tip<\/h3><div class=\"c-block-trust-card__description\"><p>If you feel squeezed for cash at the end of the month, try paying your credit card bill right after payday.<\/p><\/div><ul class=\"c-block-trust-card__bullet-points\"><\/ul><\/div><\/div>\n\n\n<div class=\"c-block-house-ad wp-block-nerdwallet-blocks-house-ad\">\n\n\t\n\t<div class=\"c-block-house-ad__wrapper\">\n\t\t<div class=\"c-block-house-ad__inner\">\n\t\t\t<div class=\"c-house-ad__content-wrapper c-house-ad__content-wrapper__no-image\">\n\t\t\t\t\n\t\t\t\t<h4 class=\"c-block-house-ad__title\">Best Credit Cards in Canada<\/h4>\n\t\t\t\t\t\t\t\t\t<p class=\"c-block-house-ad__content\">\n\t\t\t\t\t\tCompare all different credit cards side-by-side and find out the best card that will meet your need with special perks and benefits\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t<div class=\"c-block-house-ad__cta wp-block-button\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/best-credit-cards-in-canada\" target=\"_self\" class=\"c-block-house-ad__cta-button nw-cta track-click-mon wp-block-button__link wp-element-button\" data-placement=\"Promotional banner\">Explore Now<\/a><\/div>\t\t\t<\/div>\n\n\t\t\t\t\t\t\t<div class=\"c-block-house-ad__image-wrapper\">\n\t\t\t\t\t<div class=\"c-block-house-ad__image\">\n\t\t\t\t\t\t<img decoding=\"async\" class=\"c-block-house-ad__icon-img\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/nerdwallet-canada_credit-cards-illustration-v2-e1648688043541.png\" alt=\"Ad Icon\" style=\"max-width: 200px; max-height: 200px;\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">More tips to pay down your credit card bill faster<\/h2>\n\n\n\n<p>If you\u2019re eager to pay off your credit card, and have the financial flexibility to explore other options, these three payment tips may help.<\/p>\n\n\n\n<ol>\n<li><strong>Make smaller payments more often.<\/strong> Credit card interest is based on the average daily balance of your card. Splitting your monthly payment into two bi-weekly payments will reduce your average daily balance and cut down on excess interest charges.<\/li>\n\n\n\n<li><strong>Set up autopay.<\/strong> Sometimes it\u2019s helpful to set-it-and-forget-it. If available, create an automatic payment of more than the minimum amount each month \u2014 the payment will be part of your monthly outgoings rather than something you have to do manually.&nbsp;<\/li>\n\n\n\n<li><strong>Switch to another card.<\/strong> <a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/best-balance-transfer-credit-cards-in-canada\">Balance transfer cards<\/a> offer 0% introductory interest rates for a set period of time \u2014 typically six to 12 months. You won\u2019t accrue any interest during this period which means every payment you make will go directly towards the principal balance.<\/li>\n<\/ol>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-faq c-block-faq\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div class=\"c-block-faq__wrapper\"><div class=\"c-block-faq__header\"><h2 class=\"c-block-faq__title\"><\/h2><\/div><div class=\"c-block-faq__section-list\">\n<div class=\"wp-block-nerdwallet-blocks-faq-section\"><div class=\"c-block-faq-section c-block-accordion-wrapper\"><div class=\"c-block-accordion__header\"><h3 class=\"c-block-accordion__title\">Frequently asked questions about credit card minimum payments<\/h3><\/div><div class=\"c-block-accordion-list\">\n<div class=\"c-block-faq-item c-block-accordion-item c-block-accordion-item--active\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\"><strong>What is a credit card billing statement?<\/strong><\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p>A <a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/how-to-read-credit-card-statement\">credit card billing statement<\/a> is a monthly statement of your account. Statements are typically available in paper or electronic form. Each statement typically includes your total account balance, current available credit and the minimum payment amount. Billing statements also include a list of all transactions that have taken place during the billing period.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"c-block-faq-item c-block-accordion-item c-block-accordion-item--active\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\"><strong>What is credit card autopay?<\/strong><\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p>This feature allows you to set up credit card payments that will be automatically deducted from&nbsp; a linked bank account on a set schedule. Most card providers are equipped to offer an <a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/set-up-automatic-credit-card-payments\">autopay option<\/a>. You can elect to pay the minimum or a set amount of your choice.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"c-block-citation wp-block-nerdwallet-blocks-accordion\" id=\"sources\">\n\t<div class=\"c-block-accordion-wrapper\">\n\t\t<div class=\"c-block-accordion__header\">\n\t\t\t<h2 class=\"c-block-accordion__title\">\n\t\t\t\tArticle Sources\t\t\t<\/h2>\n\t\t<\/div>\n\t\t<div class=\"c-block-accordion-list\">\n\t\t\t<div class=\"c-block-accordion-item \">\n\t\t\t\t<div class=\"c-block-accordion-item__header\">\n\t\t\t\t\t<div class=\"c-block-accordion-item__title\">\n\t\t\t\t\t\tWorks Cited\t\t\t\t\t<\/div>\n\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"c-block-accordion-item__content\">\n\t\t\t\t\t<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n\t\t\t\t\t\t<ol class=\"card-citation-lists\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"citation-list-item\">\n\t\t\t\t\t\t\t\t\t<div class=\"citation-list-item__wrapper\">\n\t\t\t\t\t\t\t\t\t\t<span>Government of Canada<\/span>, &#8220;<a href=\"https:\/\/itools-ioutils.fcac-acfc.gc.ca\/CCPC-CPCC\/CCPCCalc-CPCCCalc-eng.aspx?lang=eng\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Credit card repayment calculator<\/a>,&#8221; accessed May 17, 2023.\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ol>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 class=\"nwb-authors__title\">\n\t\t\tAbout the Authors\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/shannon-terrell\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/Shannon-Terrell-headshot-100x100.png\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Shannon Terrell photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/shannon-terrell\">\n\t\t\t\t\t\t<strong>Shannon Terrell<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about credit cards and personal finance. Previously, she was a writer, editor and video host for financial&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/shannon-terrell\" title=\"Read more about Shannon Terrell\">\n\t\t\t\t\t\t\t<span>Read more about Shannon Terrell and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/georgia-rose\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/secure.gravatar.com\/avatar\/6b9e515bc45988c863ac8ac39e7bdd34?s=75&#038;d=mm&#038;r=g\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Georgia Rose photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/georgia-rose\">\n\t\t\t\t\t\t<strong>Georgia Rose<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Georgia Rose is a lead writer on the international team at NerdWallet. Her work has been featured in The Washington Post, The New York Times, The Independent and The Associated&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/georgia-rose\" title=\"Read more about Georgia Rose\">\n\t\t\t\t\t\t\t<span>Read more about Georgia Rose and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-304\" class=\"c-block-card post-304 page type-page status-publish has-post-thumbnail hentry content-classification-credit-cards topic-credit-card-basics-and-advice cluster-understand-credit-cards\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/increase-credit-limit\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/GettyImages-1200920945-e1624980828702-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How Do I Increase the Credit Limit on My Credit Card?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/increase-credit-limit\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow Do I Increase the Credit Limit on My Credit Card?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>In some cases, card issuers will raise your credit limit automatically. If yours doesn&#8217;t, you&#8217;ll have to ask.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/chanelle-bessette\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Chanelle-Bessette--40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Chanelle Bessette<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-304 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-324\" class=\"c-block-card post-324 page type-page status-publish has-post-thumbnail hentry content-classification-credit-cards topic-no-or-low-interest-credit-cards cluster-no-or-low-interest-credit-cards-basic\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/what-are-low-interest-credit-cards\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/GettyImages-1311429902-e1624985751575-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"An Introduction to Low-Interest Credit Cards\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/what-are-low-interest-credit-cards\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tAn Introduction to Low-Interest Credit Cards\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Low-interest credit cards generally don&#8217;t offer the kinds of generous rewards that other cards offer because their perks come from lower costs.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/aaron-broverman\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Aaron-Broverman-e1626212778927-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Aaron Broverman<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-324 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-2171\" class=\"c-block-card post-2171 page type-page status-publish has-post-thumbnail hentry content-classification-credit-cards topic-no-fee-credit-cards cluster-best-no-fee-credit-cards\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/best-no-fee-credit-cards\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/10\/best-no-fee-credit-cards-e1634838596710-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Best No-Fee Credit Cards in Canada for 2025\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/best-no-fee-credit-cards\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tBest No-Fee Credit Cards in Canada for 2025\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>The best no-fee credit cards in Canada offer impressive benefits without the burden of an annual fee. <\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/shannon-terrell\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/Shannon-Terrell-headshot-e1648578818586-40x40.png\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Shannon Terrell<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-2171 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-412\" class=\"c-block-card post-412 page type-page status-publish has-post-thumbnail hentry content-classification-credit-cards topic-credit-card-basics-and-advice cluster-understand-credit-cards\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/line-of-credit-vs-credit-card\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/GettyImages-913439134-e1625006771660-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How Does a Line of Credit Compare to a Credit Card?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/line-of-credit-vs-credit-card\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow Does a Line of Credit Compare to a Credit Card?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Lines of credit and credit cards are both types of revolving credit, but key differences include how and when funds are accessed.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/shannon-terrell\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/Shannon-Terrell-headshot-e1648578818586-40x40.png\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Shannon Terrell<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/hannah-logan\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Hannah-Logan-e1626212867388-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Hannah Logan<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-412 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>Making only the minimum payment is convenient but keeps you in debt longer, and can put your credit score at risk.<\/p>\n","protected":false},"author":4,"featured_media":298,"parent":102,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":"[\"https:\\\/\\\/news-api.apple.com\\\/sections\\\/258a2d7c-962b-47be-93aa-4e3a3f4b4a02\"]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[14],"topic":[89],"cluster":[143],"pp_author":[86,704],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- 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