How is my Statement Minimum Payment calculated?

Your Statement Minimum Payment due each billing cycle includes any assessed Carried Balance Fee⁸ plus a Mandatory Balance Contribution amount equal to the greater of:

1. Monthly Statements: $50 or 4% of the outstanding balance at the close of your billing cycle.
2. Bi-Weekly / Semi-Monthly Statements: $25 or 2% of the outstanding balance at the close of your billing cycle.

Your Statement Minimum Payment will never exceed the total amount you owe. If you pay only the Statement Minimum Payment, you may pay more Carried Balance Fees over time, and it will generally take longer to pay off your outstanding balance than if you make payments in excess of the Statement Minimum Payment. You can pay your entire balance in full at any time without a prepayment penalty.