Minimum payment
The smallest amount your card issuer requires you to pay each month.
The minimum payment is the floor — the amount you must pay this billing cycle to stay current and avoid a late fee.
Most US issuers calculate it as the greater of $25–$35 or 1–2% of your balance plus the month's interest. That formula is intentionally close to "just barely more than the interest," which is why minimum-only payments stretch the debt out for decades.
Card issuers are required by US law (the Credit CARD Act of 2009) to print a "minimum payment warning" box on every statement showing how long it will take to pay off the balance at the minimum, and what you'd need to pay monthly to clear it in three years. Read that box.
Example
On a $5,000 balance, the minimum is often around $100–$150 — enough to cover the interest with a sliver left over for principal.
Why this matters
Paying only the minimum is the single most expensive habit in personal finance. It's the default the issuer wants because it maximizes the years you stay in debt.
The catch
The minimum is calibrated by the lender, not by what's actually good for you. On most cards it's set so that paying it on a typical balance takes 15–25 years to clear and roughly doubles the original debt in interest paid.