The Capital One minimum payment for most credit cards 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. Note that the minimum payment amount for business and co-branded credit cards varies by card.
A minimum payment is the least amount you can pay by the due date to keep your account in good standing. There is no standard formula or guidelines for calculating minimum payments, but issuers generally require a percentage of the balance, including fees and interest.
What to know about Capital One card minimum payments:
- What happens if you make just the minimum payment: Making only the minimum payment each month may seem like you’re saving money, because you’re taking such a small amount from your budget while still meeting your monthly obligations.But if you carry a balance, you’ll notice that the balance doesn’t appear to be getting any smaller. That’s because a chunk of your minimum payment is applied to interest, and very little, if any, is paying down the actual balance.
- How to check your minimum payment: By law, Capital One and all other issuers are required to publish an informational chart on your credit card that illustrates how long it will take you to pay off the balance if you make only the minimum payment. It also shows how much you will end up paying in interest.Plus, you can check how much you should pay each month in order to pay off the balance, assuming you make no additional purchases on your card.
- Why you should pay more than just the minimum: When making just the Capital One credit card minimum payment, less will end up being more in the long run. If you’re unable to pay off your entire balance, put down as much as you can without sacrificing your other monthly debts. Any payment above the minimum will be applied to your balance with the highest interest rate.
Not making at least the minimum payment due comes with another set of issues. You will be charged a late payment fee of up to $40 if Capital One doesn’t receive the required minimum payment by the due date. The late fee will be tacked on to your next month’s statement, along with additional interest on top of the unpaid balance.
If you plan on financing a purchase, consider aCapital One card with a 0% introductory APR. Capital One Quicksilver Cash Rewards Credit Card, for instance, offers an introductory purchase APR of 0% for 15 months (19.99% - 29.99% (V), based on the specifics of your credit, thereafter). If you’d like to repay your existing debt with a new credit card, take a look atthe best balance transfer credit cards available right now on the market.
This answer was first published on 04/21/23 and it was last updated on 05/21/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
