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 your Payments page by tapping the banner at the top of the screen and on your statement. 

 

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

 

Petal 1 Petal 2
  1. If your New Balance (we call it your Statement Balance in-app) is less than $25, your minimum payment will be equal to your New Balance.
  2. If your New Balance is greater than or equal to $25, the minimum payment will be either (a) 2% of your New Balance plus any interest, late payment fees, and past due amounts or (b) $25 — whichever is greater.
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