The SavorOne for Good Credit card minimum payment is $25 or 1% of the statement balance, plus fees, past-due amounts, and interest – whichever is higher. If the statement balance is less than $25, the SavorOne for Good Credit card minimum payment will be equal to the balance. In addition, if you recently missed a payment, Capital One may add a late fee to your minimum payment.
The minimum payment is the smallest amount you’re required to pay by the due date to keep your SavorOne for Good Credit card account in good standing. Failure to pay at least this amount by the due date may result in a late fee. Your credit score will also take a hit if you miss multiple minimum payments.
This answer was last updated on 02/09/24 and it was first published on 06/02/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
The SavorOne for Good Credit card minimum payment is $25 or 1% of the statement balance, plus fees, past-due amounts, and interest – whichever is higher.
What is the minimum credit limit for SavorOne Rewards for good credit? ›
The Capital One SavorOne credit limit starts at $1,000. Capital One will determine your exact credit limit based on a review of your application and your ability to pay at least the minimum amount due each month. SavorOne requires at least good credit (score of 700+) to have high odds of approval.
What is the minimum monthly payment on a Capital One credit card? ›
The Capital One minimum payment for most credit cards is either $25 or 1% of your statement balance plus any interest and late fees, whichever is greater. If your balance is less than $25, the entire amount is your minimum payment.
What's the minimum payment on a $15000 credit card? ›
A minimum payment of 3% a month on $15,000 worth of debt means 227 months (almost 19 years) of payments, starting at $450 a month.
What is the minimum credit limit for Capital One credit card? ›
There is no general starting credit limit for Capital One credit cards. Your credit limit will be based on your creditworthiness once your application has been approved.
What is the minimum payment on the Capital One SavorOne card? ›
The SavorOne for Good Credit card minimum payment is $25 or 1% of the statement balance, plus fees, past-due amounts, and interest – whichever is higher. If the statement balance is less than $25, the SavorOne for Good Credit card minimum payment will be equal to the balance.
Does Capital One SavorOne increase the limit? ›
The Capital One SavorOne Cash Rewards Credit Card will increase your credit limit no more than once every six months generally.
Why is my Capital One minimum payment so high? ›
Credit card minimum payments are usually calculated based on the monthly statement balance. The minimum payment could be a percentage of the balance, plus new interest charges and late fees. Or it could be a flat percentage of the entire balance. And in some cases, the minimum payment could include past-due amounts.
What is the minimum payment on a $3,000 credit card? ›
The minimum payment on a $3,000 credit card balance is at least $30, plus any fees, interest, and past-due amounts, if applicable. If you were late making a payment for the previous billing period, the credit card company may also add a late fee on top of your standard minimum payment.
Does Capital One have minimums? ›
Simple, Everyday Personal Banking
No monthly fees, no minimums and no overdraft fees.
Percentage method: Some credit card issuers calculate the minimum payment as a percentage of your outstanding balance. This percentage typically falls within the range of 1% to 3% but can vary. For example, if your outstanding balance is $500 and the minimum payment percentage is 2%, your minimum payment would be $10.
What is the minimum payment on a $7000 credit card? ›
The Minimum Payment
Example: Your card issuer requires you to pay 3% of your outstanding loan balance. You owe $7,000 on your credit card. The minimum payment is 3% of $7,000, or $210.
What is the minimum monthly payment for Capital One credit card? ›
With a balance of less than $25, your minimum payment is that total amount. If your balance is over $25, the minimum payment is $25 or 1% of your balance plus new interest and late payment fees, whichever is greater. Any amount that's already past due is also added to your monthly minimum payment.
Why did Capital One give me such a high credit limit? ›
Your credit card issuer may decide to increase your credit limit because of changes in your financial situation or improvements in your credit scores. Or you could request an increase yourself. A lender isn't guaranteed to give you an increase when you ask for one.
Is Capital One Savor or Quicksilver better? ›
The Capital One Savor Cash Rewards Credit Card is better than the Capital One Quicksilver Cash Rewards Credit Card because of its high rewards rates on dining, entertainment, streaming services, and groceries.
Is Capital One SavorOne hard to get? ›
The SavorOne credit card is hard to get unless you have an exceptional credit score of 670 or higher.
Is $20000 a good credit card limit? ›
Yes, $20,000 is a high credit card limit. Generally, a high credit card limit is considered to be $5,000 or more, and you will likely need good or excellent credit, along with a solid income, to get a limit of $20,000 or higher.
What are the income requirements for SavorOne? ›
Your monthly income needs to be at least $425 more than your monthly rent or mortgage payment to get the Capital One SavorOne Cash Rewards Credit Card, according to Capital One. The higher your income is above the minimum, the more likely you are to be approved.
