The closing balance for your credit card shows on each of your statements. It is simply the balance owing on the card at the end of the statement period.
The minimum repayment is the minimum amount that you need to pay each month to satisfy the credit card contract.
Example 1: a credit card with a limit of $10,000.00 and an outstanding amount of $1,500.00 at the end of January will require a minimum repayment of $45.00 in February, calculated as 3% of $1,500.00.
Example 2: a credit card with a limit of $1,000.00 and an outstanding amount of $100.00 at the end of January will require a minimum repayment of $20.00, as 3% of $100.00 is less than $20.00.
If your credit card has interest free days, you will need to pay the full closing balance to be eligible and not be charged interest on any purchases.
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