What’s the difference between my credit card closing balance and minimum payment?

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Last updated 26 February 2016

Closing balance:

This is the total amount owing on your credit card. Pay this by the payment due date each month to avoid late fees and interest on purchases.

If you have a Business Low Rate Credit Card, there is no interest free period.

Minimum payment:

This is the least amount you need to pay by the due date, It’s usually $25 or 2% of the closing balance, whichever is greater.

If you have a business credit card other than an Awards card, the least amount you’ll need to pay is $75 or 2.5% of your closing balance, whichever is greater.

Paying the minimum amount due will avoid late fees, you’ll still pay interest on purchases.

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