Capital One - Maintaining Credit

Payback! It's a Good Thing!

When it comes to paying off your total balance, there's one simple rule: try to pay back more than just the minimum payment. If you're only paying off the minimum, you'll wind up paying much more in the long run because of interest.

When you receive your monthly credit card statement, it will contain your new balance. This will be based on your last month's balance, minus any payments you've made and credits, plus new transactions, fees and interest charges. On this statement, you'll also see what your minimum payment is. Whenever you can, try to pay more than that. If you can only afford to make the minimum payment, it'll take longer to pay off your balance. But as long as you're paying on time, your credit score will thank you.