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How to request a lower credit card minimum payment

Kendall Little
·Senior Writer, Credit Cards
Updated 7 min read

If you can’t make at least the minimum payment on your credit card bill, it’s always better to take action sooner rather than later. Missing payments can lead to high fees, higher interest, and a lower credit score.

Your credit card issuer is your first line of defense against missing a credit card payment. Whether you’re going through a temporary financial hardship or working through a longer-term debt repayment, you may be able to work out a payment option with your issuer that minimizes any effect on your debt and credit report.

The minimum payment is the amount you must pay toward your credit card balance by the monthly due date to remain in good standing with your issuer and avoid late fees and penalties.

The exact calculation your issuer uses for your minimum payment varies. Typically, it’s either a small percentage (1% - 2%) of your new statement balance or a fixed cash amount ($25 - $40), whichever is greater. You’ll also owe any interest accrued on your balance, penalties or fee charges, and any past-due payments as part of the minimum payment.

Say you have the average credit card debt balance, according to data from Experian, of around $6,500. Considering only a minimum payment calculated as 2% of that balance (before accounting for interest, fees, or any other add-ons), you could owe at least $130 monthly.

You should first request a lower minimum payment directly from your credit card issuer. Here are a few common ways to contact your issuer and speak with a representative:

  • Phone: Call the number on the back of your card or look for a phone number within your online credit card account.

  • Chat: Some issuers allow you to chat with a representative through your online account or the mobile app.

  • In-person: If your location allows, you can speak with someone at a nearby bank branch.

When you contact your issuer, explain your financial circumstances and inability to make your current minimum payment. Depending on your situation and the issuer, you may qualify for a lower payment.

Below, find more details about the plans and options different credit card issuers may offer when you need help making your credit card payments. These plans are typically designed for cardholders facing financial hardship, and your options may differ depending on whether you’re looking for short-term assistance or a longer-term solution. In many cases, you’ll need to call the credit card company for specific details about lowering your minimum payment amount.

American Express

You may qualify to enroll in a financial relief program with American Express, which can offer assistance with your credit card payments. You can request either a short-term (12 months) or long-term (48 months) plan via www.amex.co/financialrelief, or by calling 1-866-703-4169.

Depending on your situation, you may be eligible for a reduced minimum monthly payment, a lower interest rate, waived fees, and more.

Bank of America

Bank of America encourages cardholders to reach out if they have an issue making their payments. You can log into your online banking account or call customer service at 855-891-3401 to explore your options with the issuer when facing financial difficulties.

Capital One

If you’re having trouble making payments on your Capital One card, you may be eligible for a payment plan. Contact the issuer by phone or chat with its digital assistant Eno for more information.

Chase

Chase recommends reaching out as soon as you know you cannot make your credit card minimum payment to discuss your options. You can contact Chase through your online account or the number on the back of your credit card.

Citi

You may be eligible for a financial assistance program through Citi, which could include a payment arrangement with reduced monthly payments and fees. Citi’s payment assistance team is available through online chat or by phone at 1-866-905-2784.

Discover

As a Discover cardholder, contact customer service through the issuer’s messaging platform or by phone to speak with a representative. You can discuss your financial situation and see whether you qualify for a hardship program.

Wells Fargo

You can contact Wells Fargo about the difficulties you’re having with payments. After reviewing your circumstances, the issuer will determine payment solutions you may qualify for. These include short-term options for lower minimum payments or rates and longer-term payment options.

Your issuer may be able to help lower your minimum payment, reduce your credit card interest rate, or offer a payment plan. But if you already have debt balances, these are two more options to consider:

Balance transfer credit cards are a great way to pay down credit card debt. They typically offer 0% APR on existing balances for several months; today’s balance transfers range from around 12 months to 21 months. You will need to pay a balance transfer fee (usually around 3% or 5% of your total balance) but you can avoid accruing high-interest charges over the intro period.

Balance transfers can lower your minimum payment by taking interest out of the equation as you pay down your debt. Still, you should try to contribute as much as possible over the introductory period toward your card balance. After the period ends, you’ll accrue interest at your card’s ongoing variable APR.

Here are a few of the best balance transfer credit cards available today:

Credit counseling is another option if you find yourself stuck in a cycle of debt. You can connect with a qualified credit counselor from an accredited, nonprofit credit counseling agency to discuss your current situation and debt management options available to you — which may include working with your credit card company to reduce your interest rates and payments.

Begin your search with an organization like the nonprofit National Foundation for Credit Counseling.

Scoring a lower minimum payment on your credit card can help you avoid fees and damage to your credit now, but you should also consider the future consequences.

Making only the minimum payment toward a credit card with high interest rates is a sure way to increase your balance quickly. Depending on your solution with your issuer, you may still be responsible for interest charges even with a lower minimum payment.

As quickly as you can, develop a plan to begin paying more toward your card balance each month. The more money you put toward your debt, the more your balance will decrease.

Depending on your card balance, making only low minimum payments each month can hurt your credit over time.

Minimum payments will keep your issuer from reporting missed or late payments to the credit bureaus, and keep your payment history in good standing. However, as your interest and overall balance grows, it will still affect your credit utilization — the second-most influential factor in your FICO credit score.

You generally want to keep your credit utilization ratio under 30%, or about $3,000 on a credit card with a $10,000 credit limit. If your balance is close to your overall credit limit and you’re only making minimum payments, you could put your credit at risk. That will make it more difficult to qualify for balance transfer credit cards or other loans and lines of credit in the future.

This article was edited by Rebecca McCracken

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