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Liliana Hall is an editor for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
This article was assisted by an AI engine and reviewed, fact-checked and edited by our editorial staff.
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CNET editors independently choose every product and service we cover. Though we can't review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.
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How we make money
We are an independent publisher. Our advertisers do not direct our editorial content. Any opinions, analyses, reviews, or recommendations expressed in editorial content are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by the advertiser.
To support our work, we are paid in different ways for providing advertising services. For example, some advertisers pay us to display ads, others pay us when you click on certain links, and others pay us when you submit your information to request a quote or other offer details. CNET’s compensation is never tied to whether you purchase an insurance product. We don’t charge you for our services. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear.
Our insurance content may include references to or advertisements by our corporate affiliate HomeInsurance.com LLC, a licensed insurance producer (NPN: 8781838). And HomeInsurance.com LLC may receive compensation from third parties if you choose to visit and transact on their website. However, all CNET editorial content is independently researched and developed without regard to our corporate relationship to HomeInsurance.com LLC or its advertiser relationships.
Our content may include summaries of insurance providers, or their products or services. CNET is not an insurance agency or broker. We do not transact in the business of insurance in any manner, and we are not attempting to sell insurance or asking or urging you to apply for a particular kind of insurance from a particular company.
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Our Editorial Mission
In a digital world, information only matters if it's timely, relevant, and credible. We promise to do whatever is necessary to get you the information you need when you need it, to make our opinions fair and useful, and to make sure our facts are accurate.
If a popular product is on store shelves, you can count on CNET for immediate commentary and benchmark analysis as soon as possible. We promise to publish credible information we have as soon as we have it, throughout a product's life cycle, from its first public announcement to any potential recall or emergence of a competing device.
How will we know if we're fulfilling our mission? We constantly monitor our competition, user activity, and journalistic awards. We scour and scrutinize blogs, sites, aggregators, RSS feeds, and any other available resources, and editors at all levels of our organization continuously review our coverage.
But you're the final judge. We ask that you inform us whenever you find an error, spot a gap in our coverage, or have any other suggestions for improvement. Readers are part of the CNET family, and the strength of that relationship is the ultimate test of our success. Find out more here.
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The minimum payment on a credit card is the lowest amount you can pay to remain in good standing with your credit card company -- though you may face interest if you carry a balance. The exact approach varies from issuer to issuer: some charge a flat percentage, while others factor in interest and fees. But to stay on top of your credit score, you should familiarize yourself with how your minimum payment is determined.
What is the minimum payment on a credit card?
A minimum monthly payment is the least amount of money the lender will accept for your statement balance to maintain a positive credit history. Making this payment ensures that you don't get hit with late fees, penalty APRs or negative marks on your credit report, but any remaining balance on your credit card will accrue interest -- making it more challenging to pay off the balance on the card.
How can I find my minimum payment?
Your minimum payment amount is listed on your monthly billing statement, which is either mailed to you or posted on your online account. You can also call the number on your credit card and ask a representative about the amount due. Card issuers must provide a calculation of how much it will cost to pay off your debt if you pay only the minimum monthly payment each month, thanks to the Credit CARD Act of 2009. This information should be located on your billing statement and can help you establish a long-term plan.
How do credit card issuers calculate minimum payments?
The minimum payment is usually calculated as a percentage of your statement balance. The flat percentage of the statement balance used to calculate the minimum payment is typically 2%. Still, minimum payments vary from issuer to issuer. It can also be a fixed amount, such as $25 or $35, if your account balance is under a certain threshold.
What happens if I only make the minimum payment on my credit card?
When you only pay the minimum due, you risk racking up interest, making your monthly payments feel like a costly, never-ending loop. To minimize harm to your credit score, try to pay more than the minimum -- if not the entire statement balance -- to work on paying down your balance while saving money on interest.
Can minimum payments change from month to month?
Monthly minimums can change due to missed payments, paying less than the minimum, or paying more than the minimum. If you frequently miss payments or pay less than the minimum, the issuer may increase your APR, which could lead to a higher minimum payment requirement.
The bottom line
Paying only the minimum on your credit card keeps your account in good standing. It'll help you avoid late payment fees, but it won't help you get out of credit card debt quickly. To save money and put yourself in good financial standing, it's best to pay more than the minimum if you can find a way.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.