How much your credit card interest will be if you only pay the minium balance each month?

If you only pay the minimum balance on your credit card each month, you will incur interest on the remaining balance, which can lead to significant long-term costs. The interest charged depends on your card's Annual Percentage Rate (APR) and the outstanding balance. Typically, the minimum payment is a small percentage of the total balance, meaning it will take longer to pay off the debt and accumulate more interest over time. This can result in paying much more than the original amount borrowed due to compounding interest.