Chip Lupo, Credit Card Writer
@CLoop
The minimum payment on a $5,000 credit card balance is at least $50, plus any fees, interest, and past-due amounts, if applicable. If you were late making a payment for the previous billing period, the credit card company may also add a late fee on top of your standard minimum payment. The exact formula your credit card’s issuer uses to calculate minimum payments is available in the card’s terms and conditions.
Minimum Payment on a $5,000 Credit Card Balance by Issuer
| Issuer | Standard Minimum Payment |
Note: Amounts above do not include interest and fees, which may be applied.
Key Things to Know About Credit Card Minimum Payments
- The minimum payment is the smallest amount you’re required to pay by the due date for your account to be in good standing.
- Late or missed payments will not only raise your minimum payment amount, but they can also cause significant damage to your credit score.
- Your minimum payment will be listed on your monthly credit card statement and online account summary.
- Credit card issuers are required by law to publish a chart on your credit card statement that projects how long it will take you to pay off your credit card balance and how much it will cost you in interest charges if you just make the minimum payment each month.
Paying off a credit card balance by only making the minimum payment required can be quite expensive. To see for yourself, try WalletHub’s credit card minimum payment calculator.
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