Finance & Banking

Minimum payment

ˈmɪnɪməm ˈpeɪmənt

noun

What does Minimum payment mean?

The smallest allowed credit card payment.

Example sentence

"Paying only the minimum keeps you in debt for years."

American usage tip

Always pay the statement balance in full.

Related Finance & Banking words

Overdraft
Spending more than your account holds.
HYSA
High-Yield Savings Account with better interest.
Venmo
A popular peer-to-peer payment app.
Net worth
Total assets minus total debts.
Annual fee
The yearly cost of holding a credit card.
Vesting
Earning full ownership of employer contributions over time.
Credit score
A number (300-850) showing how reliable a borrower you are.
Withholding
Tax taken from each paycheck automatically.

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