The terms of your Credit Card contract requires you to pay at least the minimum amount every month. You may need to pay a late payment fee if you miss your payment. This is specified as a Minimum Repayment Warning in your statement.
Your statement shows the time it will take to repay your current balance if you only make the minimum repayment (if no additional further transactions are made on your Credit Card). It also shows the estimated total in interest charges that would be applied if only the minimum repayment is made each month. If the time taken to pay your balance by only making the minimum repayment is greater than 2 years, your statement will show you how much interest you could save if you increase your payment amount to clear your balance within two years.
Interest Rates on your Credit Card repayments
The minimum repayment is the bare minimum you must pay in order to meet the obligations of your Credit Card contract. However the minimum Credit Card repayment is not enough to avoid interest. And you will not get your balance back to zero quickly if you only make the minimum repayment every month. The minimum repayment gives flexibility in the short term, until you are able to pay your Credit Card balance in full.
If you pay less than the full balance you will be charged interest calculated on your balance, for each day from when your purchases or balance transfer was made to the end of that statement period. And if you did not pay your balance in full on your previous statement, then chances are you could be paying interest on interest.