The minimum payment on the Cerulean credit card is determined by a specific set of rules, primarily based on your statement balance and any past due amounts. Generally, it will be the greater of $35 or 4% of your statement balance, with special considerations for very low balances.
Understanding the Calculation
The calculation for the Cerulean credit card's minimum payment involves evaluating your current statement balance against a set threshold and a percentage:
- For balances of $35 or more: The minimum payment will be the greater of:
- $35
- 4% of your total statement balance
- Plus any past due amounts
- For balances less than $35: The minimum payment will simply be equal to your total statement balance.
This structured approach ensures that a reasonable minimum is paid, covering a portion of the balance or a set floor amount, whichever is higher, while also ensuring that all outstanding past due amounts are included.
Practical Examples of Minimum Payment Calculation
To illustrate how the minimum payment is calculated, let's look at a few scenarios:
Scenario 1: Large Statement Balance
- Statement Balance: $1,200
- 4% of Balance: $1,200 * 0.04 = $48
- Comparison: The greater of $35 or $48 is $48.
- Minimum Payment: $48 (plus any past due amounts)
Scenario 2: Moderate Statement Balance
- Statement Balance: $500
- 4% of Balance: $500 * 0.04 = $20
- Comparison: The greater of $35 or $20 is $35.
- Minimum Payment: $35 (plus any past due amounts)
Scenario 3: Small Statement Balance
- Statement Balance: $25
- Condition: Balance is less than $35.
- Minimum Payment: $25
Scenario 4: Including Past Due Amounts
- Statement Balance: $700
- Past Due Amount: $50
- 4% of Balance: $700 * 0.04 = $28
- Comparison (initial): The greater of $35 or $28 is $35.
- Minimum Payment (total): $35 + $50 (past due) = $85
Summary Table of Cerulean Credit Card Minimum Payment Rules
To quickly reference how your minimum payment is calculated, refer to the table below:
| Statement Balance Range | Calculation Rule | Example (without past due) |
|---|---|---|
| Less than $35 | Equal to the statement balance | Balance $20 -> Payment $20 |
| $35 to $874.99 | $35 (as 4% of balance is less than $35) | Balance $500 -> Payment $35 |
| $875 or more | 4% of the statement balance (as 4% is $35 or more) | Balance $1,000 -> Payment $40 |
| Any Balance | PLUS any past due amounts | Always added on top |
Always ensure you pay at least the calculated minimum payment by the due date to avoid late fees and negative impacts on your credit score.
