Minimum payment
Credit scores & reportsThe smallest amount you must pay on a credit account each month.
Overview
Paying only the minimum keeps the account in good standing but can extend repayment time.
Interest continues to accrue on remaining balances.
Why it matters
- Paying just the minimum can be expensive over time.
- Missing the minimum can hurt your score.
- Paying more reduces interest costs.
FAQs
Is it bad to pay only the minimum?
It is not bad if you are struggling, but it can cost more in interest.
Does paying the minimum protect my credit score?
It prevents late payment marks, but high balances can still affect your score.
Related terms
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