What is the minimum payment due each month and how is it calculated?

In order to keep your account in good standing, you need to pay at least the Minimum Payment by the due date each month. You can find the Minimum Payment amount on yourPayments page by tapping the banner at the top of the screen and on your statement. 

 

Petal 1 and Petal 2 calculate the Minimum Payment a bit differently, so click the tab of your Petal card to see the details.

 

Petal 1 

If your Statement Balance shown on your monthly statement for a billing cycle is less than $25, your Minimum Payment Due in the next billing cycle will be equal to your Statement Balance.

  • If your Statement Balance shown on your monthly statement for a billing cycle is greater than $25, the Minimum Payment Due equals:
    • Any amount past due at the end of the Statement Cycle; plus
    • The greater of:
      • (a) $25; or
      • (b) 1% of your Statement Balance (excluding any interest charges, late fees, and any amount past due), plus interest charges for the Statement Cycle and any late fees

Petal 2

  • If your Statement Balance shown on your monthly statement for a billing cycle is less than $25, your Minimum Payment Due in the next billing cycle will be equal to your Statement Balance.
  • If your Statement Balance shown on your monthly statement for a billing cycle is greater than $25, the Minimum Payment Due equals:
    • Any amount past due at the end of the Statement Cycle; plus
    • The greater of:
      • (a) $25; or
      • (b) 1% of your Statement Balance (excluding any interest charges and any amount past due), plus interest charges for the Statement Cycle. 
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