Define minimum payment

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In turn, your credit score will fall.

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Ex: Determine a Monthly Payment Needed to Pay Off a Credit Card
A credit card minimum payment is the smallest amount due each monthly billing cycle. Paying the minimum on time can help you avoid penalties and fees. Your credit card minimum payment is the lowest amount you can pay every month while keeping your account in good standing. The contractual minimum payment (shown on page 1 of your statement) is the lowest amount you must pay in order to keep your credit card payments up to date.

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What is a minimum payment on a credit card? Credit card issuers treat any credit card payment below the minimum as a missed payment , which can have negative effects on your credit score and credit history. Key takeaways Making the minimum payment on your credit cards is important to maintain good standing with credit card issuers and avoid penalties. Plus send money, track packages, and more. However, it is important to know that a minimum payment may not be enough to cover interest for the entire balance.