The Bank of America credit card minimum payment is either $35 or 1% of your balance plus interest and any late fees, whichever is greater. If your total balance is less than $35, your Bank of America credit card minimum payment is the entire amount. All Bank of America credit cards use the same minimum payment structure.
If you want to know the exact amount of your Bank of America credit card minimum payment, you can find it on your credit card statement or by logging in to your online account. As long as you pay at least the minimum amount due, your account will remain in good standing. But if you don’t pay your full balance, you will incur interest.
Bank of America Credit Card Minimum Payment Amounts
- If your total balance is less than $35: Your minimum payment is the full amount owed.
- If you owe a balance of up to $3,500 (interest + fees included): Your minimum payment is $35.
- If you owe a balance of more than $3,500 (interest + fees included): Minimum payment is 1% of the statement balance, including any past-due amounts, interest, and late fees.
As long as you can afford to, you should always pay more than your Bank of America credit card minimum payment. Carrying any balance between billing periods leads to interest, which continues to build up on a daily basis. Similarly, big balances lead to high credit utilization, which could end up harming your credit score.
This answer was first published on 09/26/18 and it was last updated on 02/12/24. 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.
FAQs
The Bank of America credit card minimum payment is either $35 or 1% of your balance plus interest and any late fees, whichever is greater. If your total balance is less than $35, your Bank of America credit card minimum payment is the entire amount.
What is the Bank of America minimum credit card payment? ›
TOTAL MINIMUM PAYMENT DUE
The Current Payment for each billing cycle includes three amounts: (1) 1.00% of your balance (your New Balance Total except for any new interest charges and any new Late Fee), and (2) new interest charges, and (3) any new Late Fee. Your current Payment will not be less than $25.00.
How much is a minimum payment on a $3000 credit card? ›
The minimum payment on a $3,000 credit card balance is at least $30, 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.
What is normally the minimum payment on a credit card? ›
Credit card issuers typically require you to pay a certain percentage of your statement balance as the minimum payment, often around 2-3% of the statement balance or a specific minimum amount, whichever is greater. Failing to meet this minimum payment can result in late fees and negatively impact your credit score.
How do I know what my minimum credit card payment will be? ›
Information about credit card terms—including the minimum payment—can usually be found on your monthly credit card statement. Monthly billing statements are typically available online or sent through the mail.
What is the minimum payment on a $5000 credit card balance? ›
Apply the percentage to your current credit card balance and then add your fees and past-due amounts. First, you'll owe 2% on the balance of $5,000, then you'll add $120 past due and $80 in late fees. That would make your minimum payment $300.
What is the minimum payment on a $2000 credit card? ›
Minimum Payment on a $2,000 Credit Card Balance by Issuer
| Issuer | Standard Minimum Payment |
|---|
| Bank of America | $35 |
| Barclays | $25-29 |
| Capital One | $25 |
| Chase | $35 |
6 more rowsOct 19, 2021
If you only make minimum payments, a $10,000 credit card balance will cost you $16,056.59 in interest and take 346 months to pay off. Minimum payments on a $10,000 balance would start at $267 and decrease as you paid down what you owe.
How much do I need to pay on my credit card to avoid interest? ›
Paying off your monthly statement balances in full each month is the path to avoiding credit card debt. As long as you pay off your statement balance in full, your grace period kicks in and you can make purchases on your credit card without paying interest until the next statement due date.
How to pay off a $3,000 credit card in a year? ›
To pay off your balance of $3,000 in 12 months, you will need to make monthly payments of $262 and make no additional charges to your card. If you make monthly charges of $0 and monthly payments of $100 you will pay off your balance in 34 months or 2.83 years.
The credit card minimum amount due is the amount that a cardholder is required to pay on or before the payment due date. Typically, the minimum amount due is calculated as 5% of the total outstanding amount. The credit card minimum payment amount due also includes any EMI payment conversions you may have opted for.
What happens if you pay less than the minimum payment on a credit card? ›
When you pay less than the minimum, you likely won't make any progress at all on your debt. In fact, you'll probably even end up owing more the next month due to the cost of interest and fees. Credit cards have high interest rates, with the current average being over 20%.
Why is my American Express minimum payment so high? ›
The Minimum Payment Due includes all charges that were not added to a Pay Over Time and/or Cash Advance or Plan balance plus a portion of your Pay Over Time and/or Cash Advance balance, any interest accrued, and any Plan Payment Due.
How does Bank of America calculate minimum payments? ›
The Bank of America credit card minimum payment is either $35 or 1% of your balance plus interest and any late fees, whichever is greater. If your total balance is less than $35, your Bank of America credit card minimum payment is the entire amount.
What is an example of a minimum payment? ›
Suppose your balance (before interest and fees) is $10,000 and you've accrued $160 in interest and $38 in late fees. If your issuer calculates your minimum as 1% of the balance plus interest and fees, you'd have a minimum payment of $298.
How do I calculate my credit card payment? ›
You can calculate your monthly credit card payment by multiplying the monthly interest rate by the outstanding balance. The monthly rate can be obtained by dividing your APR by 12 for the number of months in a year. The simplest way to do that is using a credit card calculator.
What is the minimum amount paid in credit card? ›
Let's consider a small example for clarity. Suppose you have a Credit Card with an outstanding balance of ₹20,000. Your Credit Card company requires a Credit Card minimum payment of 5% of the outstanding balance. So, your minimum due would be 5% of ₹20,000, which amounts to ₹1,000.
Do you get charged interest if you pay minimum payment? ›
Paying only the minimum amount means: it takes you longer to pay off your balance. you pay more interest.
What is the minimum payment on a 0 dollar credit card? ›
Your credit card likely says “no minimum payment due” because the statement balance was paid in full by the most recent due date or there was no account activity during the billing period. As long as the statement balance is paid by the due date, there will be no payment due until the next billing period ends.
What is the minimum in Bank of America? ›
Maintain a minimum daily balance of $500 or more in your account. OR. Ask us to link your Advantage Savings account to your Bank of America Advantage Relationship Banking®, Bank of America Advantage® with Tiered Interest Checking or Bank of America Advantage® Regular Checking Accounts (first 4 savings accounts)
