Credit cards offer convenience and flexibility, but they also come with a catch: interest. When you carry a balance from month to month, interest can quickly add up, making it harder to pay down your debt. That’s why it’s always a good idea to pay more than the minimum payment whenever possible.

The minimum payment is usually a small percentage of your total balance, and paying only the minimum each month means you’ll be paying mostly interest, with very little going toward reducing the principal. By paying more than the minimum, you reduce the balance faster and minimize the amount of interest you’ll pay over time.

This strategy not only helps you get out of debt sooner but also boosts your credit score by lowering your credit utilization ratio. So, what’s the key advantage of paying more than the minimum on your credit card? Let’s find out!