Minimum Payments

What is a minimum payment?

How is my minimum payment calculated?

What is a minimum payment? 

The minimum payment is the smallest amount of money due each month to keep your account in good standing. This is different from the Current Total Balance, which is the total unpaid amount of your most recent bill plus any recent charges.

How is my minimum payment calculated?

We calculate the Minimum Payment due by determining the amount required to fully repay the new balance in equal installments, based on an amortization schedule for a loan in the principal amount of the new balance, bearing interest at the APR and payable over 60 months.

For example, if you have a 24% APR on your Hatch Card, the monthly minimum payment due will be the greater of $10 or 2.8% of the statement balance. However, if you are carrying an unpaid balance into the next statement period, then the minimum payment may be larger.

 

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