1. What is Chase Minimum Payment?

The Chase minimum payment is the smallest amount you must pay each month to keep your credit card account in good standing. It's calculated as the greater of $25 or 1% of your balance plus interest and fees.

2. How Does the Calculator Work?

The calculator uses the Chase minimum payment formula:

Where:

• Balance — Your current credit card balance
• Interest — Any accrued interest plus fees for the billing cycle

Explanation: The formula ensures you pay at least $25 or the sum of 1% of your balance plus all interest and fees, whichever is greater.

3. Importance of Minimum Payment Calculation

Details: Understanding your minimum payment helps with budgeting and avoiding late fees. However, paying only the minimum will result in paying more interest over time.

4. Using the Calculator

Tips: Enter your current balance and any interest/fees for the billing period. Both values must be non-negative numbers.

5. Frequently Asked Questions (FAQ)

Q1: Why is there a $25 minimum?
A: Chase sets this floor to ensure meaningful payments are made each month, especially on smaller balances.

Q2: What if my calculated minimum is less than $25?
A: You'll pay $25 (unless your total balance is less than $25, in which case you pay the full balance).

Q3: Does paying the minimum affect my credit score?
A: Paying at least the minimum on time helps your score, but high utilization (balance/limit ratio) can hurt it.

Q4: How can I reduce my minimum payment?
A: Pay down your balance or transfer to a lower-interest card. Remember, lower minimums mean more interest over time.

Q5: Are there exceptions to this formula?
A: Special promotions or hardship plans may have different terms. Always check your statement for exact amounts.