22 Mar 2023 By PAYCEC
The American Express (Amex) minimum payment is the smallest amount you must pay on your credit card balance each billing cycle to avoid late fees and potential damage to your credit score.
The minimum payment is a percentage of your outstanding balance plus interest charges. The exact figure may vary depending on your account and payment history, but it is usually around 1-3% of the balance.
It's crucial to note that while paying only the minimum amount will help you avoid late penalties, doing so may also cause your loan to accrue more interest over time and take longer to pay off.
Therefore, it is best to make more than the minimum payment whenever it is practical to do so to lower your overall balance and lower interest costs.
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