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

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Last updated 28 October 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 minimum 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 by the due date will avoid late fees, you’ll still pay interest on purchases.

Set up Autopay in NetBank and never miss a credit card payment.

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