Paddy Sullivan, WalletHub Credit Card Analyst
@PaddySully
The minimum payment for Chase credit cards is any past-due amount, plus either $40 or 1% of the statement balance plus any interest and fees - whichever is higher. If the statement balance is less than $40, the Chase minimum payment will be equal to the balance. In addition, if you recently missed a payment, Chase may add a late fee to your minimum payment.
The Chase minimum payment is the smallest amount you’re required to pay by the due date to keep your Chase account in good standing. You should keep in mind that failure to pay at least this amount by the due date may result in a late fee. Also, your credit score will also take a hit if you miss multiple minimum payments.
Popular Chase Credit Cards
-
Sign-Up Bonus
-
Frequent Travelers
-
Low APR and Rewards
-
Low Interest:
People also ask
How much is the average monthly credit card bill?
The average monthly credit card bill is a minimum payment of $110.50, based on the average American credit card balance of $5,525 and the average minimum payment percentage of 2%. It would take over 6 years of minimum payments for the average person to pay off their total credit card bill – assuming there are no new purchases – and it would cost roughly $3,017 in interest. That assumes the average APR on all existing credit...
read full answer by John S Kiernan, Managing EditorWhat percentage of America is debt free?
Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more.
The exact definition of debt free can vary, though, depending on whom you ask. For example, some people don’t count mortgages because they are viewed as “good debt” by creditors, since they are secured by...
read full answer by Adam McCann, Financial WriterDoes paying the minimum hurt my credit score?
No, making just the minimum payment on a credit card does not hurt your credit score. Making your minimum payment on time actually does the opposite, as positive information is reported to the credit bureaus every month you do that. The exact amount you pay doesn’t factor into the payment history portion of your credit score. It’s simply noted that you’ve made a payment on time.
Although there’s no direct connection, only paying the minimum amount...
read full answer by Christie Matherne, Credit Card WriterDid we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.