What is OppFi Card minimum payment? This question is about the OppFi® Card

What is OppFi Card minimum payment?

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This question is about the OppFi® Card

Chip Lupo, Credit Card Writer

@CLoop • 11/18/22 This answer was first published on 11/18/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The OppFi Card minimum payment is $40 or 7% of the statement balance, plus fees, past-due amounts, and interest – whichever is higher. If the statement balance is less than $40, the OppFi Card minimum payment will be equal to the balance. In addition, if you recently missed a payment, First Electronic Bank may add a late fee to your minimum payment.

The minimum payment is the smallest amount you’re obligated to pay by the due date for your OppFi Card account to be in good standing. Failure to pay by the due date may result in a late fee. Your credit score will also take a hit if you miss multiple minimum payments.

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If I pay the minimum credit card payment, do I get charged interest?

If you pay the minimum credit card payment only, you do get charged interest. Paying the minimum amount required each month merely keeps your account in good standing, which saves you from credit score damage but not interest charges. The only time you wouldn’t owe interest on a balance that remains after paying the minimum is during a card’s 0% introductory APR period. But without a 0% APR, you can only avoid interest if you...

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Does making just the minimum payment hurt my credit score?

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.

What you...

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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...

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