Score: 4.5/5 (34 votes)

The Capital One credit card minimum payment is your **balance if it is less than $25**. For balances higher than $25, the minimum payment is 1% of the balance, plus any accumulated interest. Capital One will also add any past due amount and late payment fees to your minimum payment.

Suppose your balance (before interest and fees) is $10,000 and you've accrued $160 in interest and $38 in late fees. If your issuer calculates your minimum as **1% of the balance plus interest** and fees, you'd have a minimum payment of $298.

Most credit cards only require you to make a minimum payment each month, which is typically a fixed amount, often **$20 to $25**, or a percentage of your balance, usually 1 to 3 percent.

Credit cards with a flat percentage minimum payment usually require 2% to 4% of your balance each month. Taking that into account, if your total balance for a credit card is $3,000 and the flat percentage is 2%, your minimum monthly payment would be **$60**.

You're charging more: If your issuer **is taking a percentage of your outstanding balance** to calculate your minimum payment, charging more will cause this figure to rise. ... Most credit cards carry double-digit interest rates, so if you're carrying a balance, these charges are getting tacked onto your minimum every month.

If it says zero payment **do then you don't need to make a payment**. Question is do you have a balance. If you have no balance this is likely because you had activity and paid it off before the bill, but of course you owe nothing so no minimum payment.

For example, if you have a $5,000 balance on a credit card charging 19.99% interest, your minimum monthly payment will probably be **$150**. If you make only the minimum payment on your credit card, it will take you more than four years to pay off the balance, and during that time you'll pay $2,357 in interest.

The minimum payment on a $2,000 credit card balance is **at least $20**, plus any fees, interest, and past-due amounts, if applicable.

A minimum payment of **3% a month on** $15,000 worth of debt means 227 months (almost 19 years) of payments, starting at $450 a month. By the time you've paid off the $15,000, you'll also have paid almost as much in interest ($12,978 if you're paying the average interest rate of 14.96%) as you did in principal.

A minimum payment is **the least amount owed on a debt by a set due date without incurring penalties**. Minimum payment is a term commonly associated with credit card accounts.

Method 1: Percent of the Balance + Finance Charge

1 So, for example, 1% of your balance plus the interest that has accrued. Let's say your balance is $1,000 and your annual percentage rate (APR) is 24%. Your minimum payment would be 1%—**$10**—plus your monthly finance charge—$20—for a total minimum payment of $30.

A minimum payment is **the smallest amount your credit card issuer will accept toward your credit card balance each month**. You must pay at least this amount for your payment to be considered "on time," and to avoid late fees and other penalties.

Offering only the minimum payment **keeps you in debt longer and racks up interest charges**. It can also put your credit score at risk. Making only the minimum payment on your credit card keeps your account in good standing and avoids late fees, but that's about all it does.

When it comes to your financial health, minimum payments on your credit cards are poison. A $2,000 credit balance with an 18% annual rate, with a minimum payment of 2% of the balance, or $10, whichever is greater, would take **370 months** or just over 30 years to pay off.

The Capital One Platinum minimum payment is either **$25 or 1% of the balance**, plus interest charges and fees, whichever is greater. Capital One will also add any accumulated interest, past due amounts and late payment fees to your minimum payment.

- Make Larger Payments Now. ...
- Reduce Credit Card Spending. ...
- Stop Using Your Card Entirely. ...
- Negotiate Lower Interest Rates. ...
- Transfer Your Balance. ...
- Prioritize Payments. ...
- Ask Your Card Issuer for a Payment Plan. ...
- Improve Your Credit Score.

Some credit card issuers calculate the minimum payment as **a percentage of your total statement balance**, including interest and fees, usually between 1% and 3%. For example, say your minimum payment is calculated as 2% of the balance, which is $5,000. You would owe a minimum payment of $100.

With minimum payments only, you'll pay off the debt in **about 6 years and 11 months**. If you pay an extra $50 each month with the minimum payment, the time can be shortened by about three years. The amount paid in interest will also decrease significantly from $3,294 to $1,656.

- Stop Using Your Cards! ...
- Get a Debt Consolidation Loan. ...
- Use a Credit Card With No Balance for Normal Purchases. ...
- Budget More for Debt Repayment. ...
- Cut Expenses and Allocate More to Debt Repayment. ...
- Make Extra Payments Using New Money. ...
- Ask for Lower Interest Rates.

So, for example, if you take home $2,500 a month, you should **never** pay more than $250 a month towards your credit card bills. So, take a look at your budget and bank statements and calculate how much money you're spending monthly to pay down debt. If that amount is greater than 10%, you might have a problem.

By making multiple credit card payments, it becomes easier to budget for larger payments. If you simply **split your minimum payment** in two and pay it twice a month, it won't have a big impact on your balance. But if you make the minimum payment twice a month, you will pay down your debt much more quickly.

Did you know U.S. merchants may impose a minimum transaction amount on a Visa credit card issued in the U.S. or a U.S. territory? The minimum transaction amount must **not be greater than $10**. To help merchants understand the minimum transaction amount rules, Visa developed best practices for business owners.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; **670 to 739** are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.