What is the Chase Ink Preferred minimum payment?

The Chase Ink Preferred annual fee is $95. This card’s annual fee is higher than the average annual fee among new credit card offers right now. It’s not the only fee you need to worry about with the Ink Business Preferred® Credit Card, either.

Chase Ink Preferred Fees

• Annual Fee: $95
• Cash Advance Fee: Either $15 or 5% of the amount of each transaction, whichever is greater.
• ... read full answerForeign Transaction Fee: $0
• Balance Transfer Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.

Keep in mind that an annual fee is a common charge with high-tier rewards cards. This card offers 100,000 points for spending $15,000 in the first 3 months. Plus, you can earn 3 points per $1 on the first $150,000 spent per year on travel and select business expenses, and 1 point per $1 on all other purchases. So, Chase charges an annual fee for this card to help offset the cost of these perks.

The Chase credit card minimum payment is either $40 or 1% of your statement balance plus any interest and late fees, whichever is greater. If your balance is less than $40, the entire amount is your minimum payment.

A minimum payment is the lowest amount you can pay each billing cycle for your account to remain in good standing. If you don’t make at least your minimum payment by the due date, you’ll be charged a late fee up to $40. And if you fall two minimum payments behind, it will hurt your credit score.... read full answer

Here are the Chase credit card minimum payments:

• Balance less than $40: Minimum payment is the full statement balance. For example, if your statement balance is $12.95, your minimum payment is $12.95, too.
• Balance up to $4,000 (interest + fees included): Minimum payment is $40.
• Balance of more than $4,000 (interest + fees included): Minimum payment is 1% of the statement balance, including any past-due amounts, interest and late fees.

Your Chase credit card minimum payment will always be included in your monthly statement. It’s also available when you log in to your online account. Plus, the formula Chase uses to calculate the minimum payment due is listed under the rates and fees table on your cardmember agreement. Chase uses the same minimum payment calculations for all of its credit cards.

Making your Chase credit card minimum payment on time every month keeps your account in good standing. But if you want to avoid paying interest and getting into debt, you’ll need to pay off your entire balance each month.

No, making just the minimum payment on a credit card does not hurt your credit score, at least not directly. It actually does the opposite. Every time you make at least the minimum credit card payment by the due date, positive information is reported to credit bureaus. Plus, 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.... read full answer

What you should know before making just the minimum payment:

• There is a way your credit score could eventually be impacted by only making minimum payments, because it results in a high credit utilization.
• Credit utilization is the percentage of your total available credit that’s being used, or your debt-to-credit ratio.
• If you make a habit of racking up more credit card charges than you can pay for every month, you’ll end up with high utilization.
• Credit-scoring companies see credit utilization over 30% as a negative. To what degree high utilization will affect a credit score depends on your personal credit history and which scoring model is used. But it’s safe to say your debt-to-credit ratio accounts for 20% or more of your credit score.
• If you don’t have much credit history, high utilization will have a greater impact on your score than it would for someone with a diverse and lengthy credit history.

Paying only the minimum amount due on your credit card may seem cheaper in the short term, but you’ll pay for the convenience in interest. Plus, it could reach a point where even the minimum payment is unaffordable. On that note, be advised that credit card payments below the minimum amount due don’t count as on-time payments. And not making the minimum payments can spell real trouble for your credit score.

So, regularly paying only the minimum on a credit card could hurt your credit score in the long run. That’s because it could lead to you spending beyond your needs and racking up more debt than you can afford to repay.