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Minimum Payment |
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The minimum payment is the minimum amount a credit card holder is required to repay each billing period on an open balance. A card holder can make a payment that is in excess of the minimum payment due. However, a payment cannot be for less than the minimum payment due. If this happens, the account may go into default, and the credit card issuer might impose a penalty. The way that the credit issuer calculates the minimum payment due each month will be defined inside the card holder agreement. The minimum payment generally is calculated as a percentage of the new balance total.
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Credit Card Definitions > F - M > Minimum Payment
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