Most banks stipulate that the maximum interest-free period for credit cards is 45 days. On the payment date, the user must pay the entire amount used from the credit card. If unable to pay, the cardholder can pay a minimum amount to the bank to avoid being charged a penalty fee or being listed as a bad debt group.

This is called the minimum credit card payment. Depending on the regulations of each bank, the minimum payment amount is different, usually from 2 - 5% of the total outstanding balance for the period.

Why should you pay your credit card minimum payment on time?

45 days interest-free is a great benefit for customers when using credit cards. When the payment deadline comes, it is best to pay on time. If the minimum payment is not paid by the due date, the minimum payment will be charged a late fee and overdue interest according to the bank's regulations.

In addition, paying the minimum credit card payment is also a way to prove your financial situation. If late payments occur many times, the bank will doubt the customer's ability to pay. This affects the CIC credit score, making it more difficult for customers to borrow other loans in the future. Because banks are all linked together and have a system to check credit history.

To check the minimum payment amount of the credit card, customers can look at the bank statement sent each month. The statement includes a lot of information such as the amount to be paid, interest rate, minimum payment amount...

In addition, users can contact the credit card issuing bank directly to look up.

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