Effective August 20, 2025, the calculation of the minimum payment on all credit cards will be adjusted, resulting in a lower minimum payment to be paid by you.
What’s Changing?
Currently, the credit card minimum payment is calculated as follows:
• 2.77% of Principal* + 100% of Interest** + 100% of Fees + 100% Amount Past Due (if applicable)
This means in instances where you have Interest** or Fees to be paid on your statement, the current minimum payment calculation includes all the Interest* and Fees for that statement cycle, in addition to a percentage (2.77%) of your Principal*.
The new calculation, which will take effect on August 20, 2025, is as follows:
• 2.77% of Principal* + 2.77% of Interest** + 2.77% of Fees + 100% Amount Past Due (if applicable)
This means in instances where you have Interest** and Fees to be paid on your statement, the new minimum payment calculation will include 2.77% of the Interest** and Fees for that statement cycle, in addition to a percentage (2.77%) of your Principal*, resulting in a lower minimum payment to be paid.
Helpful Definitions:
*Principal comprises of your Previous Balance (less previous Fees and previous Interest) + Purchases + Cash Advances + Misc. Debits – Payments – Returns – Misc. Credits
**Interest is quoted as “Finance Charge” on your credit card statement>
This adjustment is part of our continued efforts to support your financial goals and help you make the most of your Republic Bank credit card.
Should you have any additional questions, feel free to contact our Customer Care and Support Centre at 1-721-584-4725 (4RBL) or email republicbank.an@rfhl.com.