Your minimum payment is the amount you have to pay each month to keep your account active and enable you to keep on using your credit card. It is not the same as, and is just a fraction of your account balance.

Account balance
This is your total accumulated balance as of the statement date. It includes any unpaid balance from the previous month, new purchases since the closing date of your last statement, and any cash advances you may have taken. The credit card company will also add in any other charges such as an annual fee, finance charges and other fees.

Minimum payment
This is the smallest amount you can pay by the due date of your credit card bill that will keep your account problem-free and enable you to still meet the terms of your card agreement. The minimum is often a specific fraction of the balance, such as 5% of your total bill. By always paying at least the minimum payment due on your credit card, you avoid paying late fees.

Keep in mind that the minimum payment is not the only amount you owe. You will be charged interest on the portion of the balance that you don't pay by the due date.