Your minimum payment is the amount you must pay every month. If you fail to make a minimum payment, you may be charged a late fee and you will be in violation of your credit card agreement. You may also have your interest rates raised to the penalty APR for all new purchases. One missed or late minimum payment also could mean that you lose your introductory APR and have to start paying the higher long term rate on your existing balance. Late or missed payments can also hurt your credit history. While it is important to pay the minimum, you should try to pay more than the minimum to reduce your interest costs and pay off your balance more quickly.

Each month that you have a balance on your card, your credit card company will send you your statement. It will show both your minimum payment and the due date. You should also bear in mind that paying on time actually means paying at least the minimum on or before the due date. You can choose your due date and you will have the same due date each month.