What is the Wells Fargo credit card minimum payment?

The minimum payment on a credit card is the lowest amount of money the cardholder can pay each month to keep their account status “current” rather than “late.” A minimum payment is often $20 to $25 or a share of 1% to 3% of the card balance, whichever is greater. If the dollar amount is higher than the actual balance charged to the card, then the full balance is the minimum payment. The exact details differ from issuer to issuer, however.… read full answer

Cardholders can find the minimum payment required by their credit card on the monthly statement they receive by mail or email. To avoid any late fees or penalty rates, it’s important to pay this amount or more by the due date. And while there’s never a requirement to pay more than the minimum, any unpaid balance carried between months begins to rack up interest. In addition, not paying in full gets rid of the card’s grace period. That means new purchases start to accrue interest immediately, rather than only starting to after the due date. Cardholders typically need to pay their entire balance in full for two consecutive months to get a grace period back.

The only credit cards that don’t typically have minimum payments are charge cards. These cards generally require payment in full every month. However, the vast majority of credit cards allow cardholders to carry a balance between months. Charge cards are rare and are usually considered luxury cards.

The Wells Fargo credit card grace period is at least 25 days, lasting from the close of the billing cycle to the payment due date. This means cardholders have at least 25 days between when their monthly statement closes and their due date. As long as you pay in full during this period, you will owe no interest on your monthly purchases.… read full answer

Keep in mind that you are not required to pay the entire balance by the due date. But if you decide to pay less than the full amount due, you will lose the grace period. The remaining balance and any new purchases on your Wells Fargo credit card will then start to accrue interest that compounds daily. To get a credit card grace period back, you will need to pay the statement balance in full for two consecutive months.

It’s also important to note that grace periods do not apply to cash advances or balance transfers.