What happens if you pay less than the minimum on your credit card?
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TL;DR
- Paying less than the minimum credit card payment is classified as a late payment.
- Late payments can incur late fees, continued interest accrual, and potential loss of promotional APRs or penalty APR activation.
- A payment that is 30 days past due can be reported to credit bureaus, negatively impacting your credit score.
- Partial payments do not reset the delinquency clock; the full minimum must be paid to bring the account current.
- If unable to afford the minimum payment, contact the card issuer to explore hardship programs.
- Debt consolidation loans, debt management plans, and debt settlement are other potential debt relief options.