The Discover minimum payment is the greater of $20, 3% of the full balance plus any past-due amount, or $15 plus new interest and late fees. If the entire balance is lower than $20, then the balance amount is the minimum payment.
The Discover minimum payment calculation is a bit unusual. Most other major credit card companies charge 1% of the balance plus interest and fees, or a flat dollar amount (e.g. $25), whichever is higher.
It’s important to always make at least the Discover minimum payment by the monthly due date. Doing so will keep your account in good standing. There’s no fee for the first late payment. After that, there’s a fee of up to $39 per late payment. And you may suffer credit score damage as well.
The Discover minimum payment is the greater of:
- 3% of the new balance (plus past-due amounts, but not fees/interest)
- $15, plus past due-amounts, interest and late fees (totaling 4% or less of the new balance)
A Discover minimum payment will never be more than your full balance. And you’ll only be required to pay your full balance if it’s $20 or less.
But it’s best to try to pay your balance in full each billing cycle. If you don’t, you will lose your grace period, which means interest will start to accrue on new purchases immediately from the purchase date. Credit card interest is really expensive. And it takes paying in full for two billing cycles in a row to get the grace period back.
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