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

401(k)
An employer retirement account with tax benefits.
Withholding
Tax taken from each paycheck automatically.
ITIN
Tax ID for those not eligible for an SSN.
Cashback
A percentage of spending returned to you.
Savings account
An account that earns interest on stored money.
Hard inquiry
A credit check that slightly lowers your score.
Wire transfer
A fast bank-to-bank money transfer.
Interest rate
The cost of borrowing or reward for saving.

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