1. What is Citibank's Minimum Payment?

The Citibank minimum payment is the lowest amount you must pay each month to keep your credit card account in good standing. It's calculated as the greater of 1% of your balance or $20, plus any interest charges.

2. How Does the Calculator Work?

The calculator uses Citibank's minimum payment formula:

Where:

• Balance — Your current credit card balance
• Interest — Any interest charges for the period
• 1% — Minimum percentage of balance required
• $20 — Absolute minimum payment floor

Explanation: This ensures you always pay at least $20 or 1% of your balance (whichever is higher), plus any accrued interest.

3. Importance of Minimum Payment Calculation

Details: Understanding your minimum payment helps with budgeting, but paying only the minimum will result in paying more interest over time and taking longer to pay off your balance.

4. Using the Calculator

Tips: Enter your current balance and any interest charges. The calculator will determine your minimum payment due. All values must be non-negative.

5. Frequently Asked Questions (FAQ)

Q1: Why does Citibank have a $20 minimum payment floor?
A: This ensures the bank covers processing costs and that payments make meaningful progress on balances.

Q2: Will paying only the minimum hurt my credit score?
A: No, as long as you pay at least the minimum on time. However, high balances relative to your limit can affect your score.

Q3: How can I reduce my minimum payment?
A: Pay down your balance or transfer to a lower-interest card. Remember, lower minimums mean longer repayment periods.

Q4: Does this calculation include fees?
A: No, this is just the basic calculation. Late fees or other charges would be additional.

Q5: Is this formula the same for all Citibank cards?
A: Most follow this formula, but some specialty cards may have different terms. Always check your card agreement.