What is Minimum Payment?

The smallest amount you must pay by the due date to keep your account in good standing, usually the greater of $25-$40 or 1-3% of your balance plus any fees and interest.

The smallest amount you must pay by the due date to keep your account in good standing, usually the greater of $25-$40 or 1-3% of your balance plus any fees and interest. Paying only the minimum keeps your account current but extends repayment by years and costs thousands in interest. Always aim to pay the statement balance in full.

Closely related concepts include Due Date, Late Fee. Each of these helps clarify different aspects of the same topic.

Minimum Payment is a fees concept. It typically appears in the context of fees, APR, and how much a card costs to carry.