Deciding how much to pay may seem overwhelming to those new to credit, so we broke it down a bit to help you make the best payment decision for your budget.
Statement Balance - Your Statement Balance (also called the New Balance on your statement) includes all of the charges on your most recent statement. If you can, we recommend paying this amount each month because you won’t be charged interest.
Minimum Payment - This is the lowest payment you can make to keep your account in good standing. A lower payment may seem enticing, but if you only pay this amount each month, you’ll end up with higher interest charges. To lower interest charges, you can always pay the minimum payment plus a little something extra. Using the payments slider on your dashboard is a good way to estimate how much interest you’ll be charged with each payment. To avoid a late payment fee for Petal 1, make sure you pay at least the minimum due.
Current Balance - Your Current Balance is the largest payment you can make towards your balance at a given time. This includes your full Statement Balance, plus any new charges, any fees (only for Petal 1), and any credits since your last statement. Your Current Balance does not include pending charges—you can only pay for them once they post.
Custom Amount - If none of the set amounts are doing it for you, you can choose to pay any amount between $1 and up to your Current Balance (the highest possible payment). You can use the payment slider to estimate how much interest you’ll accrue with each custom payment. While you can pay any amount, keep in mind that you still need to pay at least the minimum payment by the due date to keep your account in good standing.