Glossary
Minimum payment
The minimum payment is the smallest amount you must pay by your due date to keep your account in good standing — it is not the same as paying off what you owe.
Card issuers typically set the minimum payment at around 5% of the outstanding balance (or a fixed floor amount, whichever is higher). Paying only the minimum avoids a late payment mark on your credit record, but it does NOT stop interest from accruing on the remainder.
Paying only the minimum on a large balance at a typical 30%+ APR can take years to clear and cost multiples of the original purchase price in interest. The minimum payment exists to protect the bank's risk exposure, not to help you pay down debt efficiently.
If you can only make a partial payment, pay as far above the minimum as you can afford — every extra dirham above the minimum reduces the principal that interest is calculated on for the following month.