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Quick answer
Most big issuers start from 1% of the balance plus that month's interest and late fees, then compare it with a dollar floor between $25 and $41. Discover and American Express add a third option, 2% of the balance, and use whichever amount is highest. Past-due amounts get added on top at every issuer, and if you owe less than the floor, the minimum is generally the full balance.
On a large balance, those formulas land close together, because 1% plus interest does most of the work. On a small balance, the dollar floor takes over, and that's where a Citi card ($41) and a Capital One card ($25) can ask for very different amounts on the same debt.
Minimum payment formulas at seven issuers
Each row describes the specific card agreement named in the last column. Store cards, co-brand cards, secured cards, and older accounts at the same bank can use different terms, so check your own agreement before relying on any formula here.
| Issuer | Minimum payment formula | Dollar floor | Rounding | Agreement checked |
|---|---|---|---|---|
| Chase | Larger of the floor or 1% of new balance + billed interest + late fees | $40 (full balance if less) | Not stated | Cardmember agreement COL00095 |
| Capital One | Greater of the floor or 1% of balance + new interest + late fees (+ 1/12 of the annual fee, if any) | $25 (full balance if less) | Not stated | Account terms, rewards card |
| Citi | Greater of the floor or 1% of balance (rounded to the dollar) + billed interest + late fee | $41 (full balance if less) | 1% part to nearest dollar | Card agreement 416 v9 |
| Discover | Greatest of the floor, 2% of new balance, or $20 + interest + late fees | $35 | Up to next dollar | Cardmember agreement, as of 3/31/26 |
| Bank of America | 1% of balance (excluding new interest and late fee) + new interest + new late fee, with a floor | $35 | Down to the dollar | Premium Rewards agreement, 2026 |
| American Express | Highest of interest + 1% of balance (excluding interest), 2% of balance, or the floor | $40 | Not stated (agreement's example shows cents) | Blue Cash Preferred, as of 10/08/2025 |
| Wells Fargo | Greater of 1% of new balance + interest and certain fees, or the floor | $25 (full balance if less) | Up to next dollar | Active Cash account agreement |
Every issuer above adds any past-due amount to the result. Several also add required payments on installment features, such as Chase's Flexible Financing plans, Citi Flex Plan, Bank of America Custom Pay Plans, and Amex plans. Those plan balances are usually left out of the 1% calculation and paid on their own schedule.
One statement, seven minimums
To see how much the formula matters, here's the same statement run through each card's rule: $4,000 new balance, $78.62 of interest billed (roughly what a 23.6% APR would produce in one month), no new late fees, nothing past due, and no installment plans. The Capital One example includes $3.25 each month for the $39 annual fee specified in its linked terms.
| Issuer | How the formula works out | Minimum due |
|---|---|---|
| Chase | $40 + $78.62 = $118.62, which beats the $40 floor | $118.62 |
| Capital One | $40 + $78.62 + $3.25 (annual fee share) = $121.87 | $121.87 |
| Citi | $40 + $78.62 = $118.62, which beats the $41 floor | $118.62 |
| Wells Fargo | $78.62 + $40 = $118.62, rounded up | $119.00 |
| Discover | Highest of $35, $80 (2%), or $98.62 ($20 + interest), rounded up | $99.00 |
| Bank of America | 1% of $3,921.38 = $39.21, plus $78.62 = $117.83, rounded down | $117.00 |
| American Express | $78.62 + 1% of $3,921.38 = $117.83, which beats $80 (2%) and $40 | $117.83 |
Five of the seven land between $117 and $119 because they share the 1%-plus-interest structure. The Capital One card comes in higher after its annual fee adjustment. Discover is the outlier on the low end: its interest-based option starts from a flat $20 instead of 1% of the balance, so it asks for about $20 less than several of the other cards. That's easier on the budget this month, but paying only that lower minimum can slow your progress.
Now drop the balance to $1,000 with $19.50 of interest. Several formulas fall below their dollar floors, while others still use the percentage-plus-interest amount:
| Issuer | Formula result before the floor | Minimum due |
|---|---|---|
| Wells Fargo | $29.50, rounded up | $30.00 |
| Capital One | $10 + $19.50 + $3.25 annual fee share | $32.75 |
| Bank of America | $29.31, rounded down to $29, below the $35 floor | $35.00 |
| Chase | $29.50, below the $40 floor | $40.00 |
| Discover | $39.50 ($20 + interest), rounded up | $40.00 |
| American Express | $29.31, below the $40 floor | $40.00 |
| Citi | $29.50, below the $41 floor | $41.00 |
Here the spread is $11 on the same $1,000. On a card with a $40 or $41 floor, that minimum may stay flat for several months even as the balance falls.
Run your own statement through a formula
Open the calculator with the Chase-style formula loadedWhat to know about each issuer's formula
The table covers the main formula. These notes cover the details that most often explain a statement that doesn't match it.
Chase
The Chase cardmember agreement (document COL00095) calculates the minimum as any past-due amount, plus any required payment on a plan with a set payoff schedule, plus the larger of $40 (or the total you owe if it's less than $40) or 1% of the new balance plus the interest and late fees billed on that statement. Balances in a plan with a set number of payments (the agreement calls these Flexible Financing Offers) are left out of the 1% part and paid through the plan payment instead. Chase's own minimum payment explainer describes the same $40 rule and says it applies "in most cases," so an older or specialty Chase card can still differ.
Chase cardmember agreement (PDF)
Capital One
The Capital One rewards-card terms linked below use the greater of $25 or 1% of the balance plus new interest and late payment fees, and any past-due amount is added. A balance under $25 is due in full. This card has a $39 annual fee, and its formula adds one-twelfth of that amount ($3.25) each month. A card with no annual fee wouldn't have that adjustment.
Capital One's store and co-brand cards don't all match. One store card's terms use a $27 floor and round down to the dollar, and another set of Capital One terms uses $29, so check the terms for your specific card.
Capital One account terms · Load this formula in the calculator
Citi
Citi's standard card agreement has the highest floor in this group. The minimum is any past-due amount, plus any overlimit amount, plus any Citi Flex Plan payment, plus the greater of $41 (or the balance if it's under $41) or 1% of the "Adjusted New Balance" rounded to the nearest dollar, plus billed interest or the minimum interest charge, plus any late fee. The Adjusted New Balance is your new balance minus anything sitting in a Citi Flex Plan.
Two details catch people. Citi adds any amount over your credit limit to the minimum, and it rounds only the 1% part, not the final total. Citi's store card agreements can use lower floors. The Best Buy card agreement on Citi's site uses $30, and the Meijer card agreement uses $29.
Discover
Discover's cardmember agreement takes any past-due amount plus the greatest of three amounts: $35, 2% of the new balance, or $20 plus interest, late fees, and certain debt protection fees. It rounds the result up to the next dollar, may add amounts over your credit line, and never asks for more than the new balance. When it calculates the minimum, Discover may also subtract certain fees added during the billing period from the new balance.
Capital One completed its purchase of Discover, and the 2026 agreement now identifies Discover as a division of Capital One, N.A. The minimum payment formula in that agreement is still Discover's own, not Capital One's. The agreement checked here is the one Discover publishes for its standard ("Prime") pricing. Other Discover agreements, including secured cards, can use different terms.
Discover cardmember agreement (PDF)
Bank of America
Bank of America calls its minimum the "Total Minimum Payment Due." It's any past-due amount plus a "Current Payment" made of 1% of the balance (leaving out new interest, new late fees, and any Custom Pay Plan balance), plus new interest, plus any new late fee. That sum is rounded down to the nearest dollar and can't be less than $35. Any Custom Pay Plan payment is added after that.
Bank of America is the only card in this comparison that rounds the combined amount down, which is why it comes in under Chase and Citi on the $4,000 example. An older agreement still posted on Bank of America's site lists a $25 floor, but that doesn't establish which terms apply to your account.
Bank of America Premium Rewards agreement (PDF)
American Express
For American Express credit cards, the agreement starts with the highest of three amounts: the interest charged plus 1% of the new balance (leaving out interest, penalty fees, any overlimit amount, and plan balances), 2% of the new balance (leaving out penalty fees, overlimit amount, and plan balances), or $40. Then it adds penalty fees, up to 1/24th of any overlimit amount, any plan payment, and anything past due.
The agreement includes its own worked example. A $2,900 new balance with $29.57 of interest gives $58.27 under the interest-plus-1% option, $58 under the 2% option, and $40 under the floor, so the minimum is $58.27. Running the same formula gives the same answer, which is a useful check if you want to test your own Amex statement by hand.
Amex Green, Gold, and Platinum cards work differently. Charges outside Pay Over Time are generally due in full, while eligible Pay Over Time balances have their own minimum-payment rules. The amount due can include both the pay-in-full charges and the required payment toward the Pay Over Time balance.
American Express Blue Cash Preferred agreement (PDF)
Wells Fargo
The Wells Fargo Active Cash agreement takes any past-due amount plus the greater of two amounts: 1% of the new balance plus the interest, late fees, annual fees, and certain other fees billed that cycle, or $25 (or the full balance if it's under $25). The total is rounded up to the next whole dollar.
Wells Fargo handles an over-limit balance differently from Citi. You're required to pay any amount over your limit, but the agreement says that amount isn't included in the minimum payment due. It also says credits, like a merchant refund, won't count toward meeting the minimum.
Wells Fargo Active Cash account agreement · Load this formula in the calculator
If your card isn't listed or your number doesn't match
Your own agreement is the one that counts. You can usually find it in your online account under documents or account terms, and the CFPB keeps a public database of card agreements you can search by issuer. Look for a section called "Minimum Payment," "Minimum Payment Due," or "How Do You Calculate My Minimum Payment?"
If you've found the right formula and your statement still doesn't match, the gap usually comes from a fee, a past-due amount, an installment plan, or rounding. The minimum payment calculation guide walks through how to check each of those against your statement.
Issuers can raise these formulas, with notice
None of these formulas is permanent. Under the CARD Act rules, an issuer generally has to send written notice at least 45 days before it raises your required minimum payment. If your minimum jumps without a big new purchase, look for a change-in-terms notice in your mail or your account messages before you assume something went wrong.
This page lists the agreements it was checked against so you can see exactly which version each formula came from. Issuers update their agreements regularly, so if a link above shows a newer date than the one listed, the formula on your card may have changed too.
Frequently asked questions
How does Chase calculate the minimum payment?
The Chase cardmember agreement we checked uses the larger of $40 (or the full balance if you owe less than $40) or 1% of the new balance plus billed interest and late fees. Past-due amounts and required payments on plans with a set payoff schedule are added on top.
How does Capital One calculate the minimum payment?
The Capital One terms we checked use the greater of $25 or 1% of the balance plus new interest and late fees, plus one-twelfth of the annual fee on cards that have one. Any past-due amount is added, and a balance under $25 is due in full. Some Capital One store and co-brand cards use a different floor.
Which issuer has the lowest minimum payment?
It depends on the balance and the card agreement. On a $1,000 balance, Wells Fargo's formula produced the lowest minimum in our comparison at $30. On a $4,000 balance with $78.62 of interest, Discover's formula produced the lowest at $99. A lower minimum can mean slower payoff if it's all you pay.
Did Discover's minimum payment change after Capital One bought it?
Not in the agreement we checked. Discover's 2026 cardmember agreement identifies Discover as a division of Capital One, N.A., but it still uses Discover's own formula: past-due amounts plus the greatest of $35, 2% of the new balance, or $20 plus interest and late fees, rounded up to the next dollar.