What exactly is a ‘Credit Card minimum repayment’?
The minimum repayment is the very least you have to pay by the payment due date to meet the obligations of your Credit Card contract.
The minimum payment amount due on a statement of account is 3% of the outstanding balance plus the total sum of any overdue minimum payment and late payment charges, and any amount exceeding your credit limit, or S$50, whichever is greater.
It is not recommended as a long-term solution because if you make only the minimum monthly repayments, you will pay more interest and it will take you longer to pay off your balance.
Your statement will tell you how long it will take to pay off your Credit Card bill if you only pay the minimum amount on your current balance (provided no additional further transactions are made on your Credit Card).