The Chase credit card minimum payment is either $25 or 1% of your statement balance plus any interest and late fees, whichever is greater. If your balance is less than $25, 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 starting at $27. And if you fall two minimum payments behind, it will hurt your credit score.
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.
Here are the Chase credit card minimum payments:
Balance less than $25: 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 $2,500 (interest + fees included): Minimum payment is $25.
Balance of more than $2,500 (interest + fees included): Minimum payment is 1% of the statement balance, including any past-due amounts, interest and late fees.
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.
The Credit CARD Act of 2009 requires issuers to include a table on monthly statement showing how long it would take to pay off your entire balance by making just the minimum payment each month. The table also includes how much you would have to pay per month to eliminate the balance in three years. It assumes you make no additional purchases on the card during that time.
It’s also worth noting that if you owe more than one balance on the same account, credit card issuers can apply your monthly minimum payment to the balance with the lowest interest rate. Only amounts above the minimum get applied to higher-rate balances. So only paying more than the minimum each month will help you get rid of your more expensive debt faster.
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