Can You Make Less Than Minimum Payment on a Credit Card?

The answer is no. You cannot make less than the minimum payment on your credit card. Whenever you use your credit card in a particular month you get a bill which states the total amount due and the minimum amount that you are required to pay. The minimum amount is what you can pay without defaulting on your credit card account. The minimum payment is usually just the interest and other financial charges added up. Whenever you make the minimum payment you’re not reducing your original balance but only paying the interest rate. This is the reason why it is always advised to make a payment which is at least slightly higher than the minimum amounts due.

Being less than the minimum on your credit card will result in your credit card being reported as late or being cancelled. You will still be required to make the payment for the balance due. You will also be charged a penalty fee by the credit card issuer.

If you are unable to meet the payments on your credit card for a particular month or for some period of time, call up your creditor and discuss the situation with him. The creditor may be able to help you by cancelling the additional late charges or by extending the due date of payment. Do not simply ignore the credit card bills.