The minimum payment is a monthly sum you have to pay each month in order to avoid getting a bad credit score. It's calculated based on your outstanding credit card balance and will appear in your monthly statement. Usually, the minimum payment is 3% to 5% of the total outstanding amount or $50, whichever is higher. If you only pay the minimum amount on your monthly bill, interest is charged on the outstanding amount. This will be carried over to your next statement. If you fail to pay the minimum fee, a late payment fee will be charged, on top of the interest on the outstanding balance. A good practice is to always settle your monthly credit card bill in full so as not to incur hefty interest charges.
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