minimum payment for

USAGE SUMMARY

The phrase "minimum payment for" is correct and usable in written English.
You can use it when discussing the least amount of money required to be paid for a service, product, or debt. Example: "The minimum payment for your credit card bill is due by the end of the month."

✓ Grammatically correct

News & Media

Science

Wiki

Human-verified examples from authoritative sources

Exact Expressions

4 human-written examples

Although federal-aid law does not set a minimum payment for borrowers to enter repayment plans to "rehabilitate" their loans, some debt collectors have demanded minimum payments without disclosing more affordable alternatives, Bloomberg reports.

The New York Times

Adding $100 to the minimum payment, for a total monthly payment of $415, will save you even more time and interest, with a repayment time of 54 months and total interest cost of $6,361.

Huffington Post

If you're carrying a balance on different cards consider only making the minimum payment for a while on the lower-rate cards and paying off the more expensive debt first.

Huffington Post

Subjects were told that the minimum payment for participating would be £25 but payment could be increased according to their performance the average "win" was £37.

Cerebral Cortex

Human-verified similar examples from authoritative sources

Similar Expressions

55 human-written examples

He'd been making minimum payments for years.

The New Yorker

It also offered guaranteed minimum payments for the first month of the new structure.

The Guardian - Business

If a borrower made minimum payments, for example, his mortgage would grow in size rather than fall.

The New York Times

The McCain bill will probably cover those areas and increase minimum payments for passengers who are "bumped," aides said.

The New York Times

Legislative action, like the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, has led to an increase in minimum payments for cardholders But Professor Dunn said the findings suggest regulators should press card companies further on minimum payments.

The New York Times

But the Warner Brothers studio and Viacom's Nickelodeon children's cable channel pay for the costs of making their shows, while Tollin/Robbins earns fees, minimum payments for creative work and a share of profits when a network show is sold for reruns.

The New York Times

The proposed contract, which was approved by 53percentt of the national board, with 47 percent opposing, will offer actors a 3.5percentt annual increase in minimum payments for television and film work and, for the first time, includes a structure to pay actors for their work in projects made for the Internet.

The New York Times

Expert writing Tips

Best practice

When discussing debt repayment, clarify whether you're referring to the "minimum payment for" a single debt or the sum of "minimum payments for" multiple debts to avoid ambiguity.

Common error

Avoid assuming that paying only the "minimum payment for" a credit card will quickly resolve the debt. Emphasize that this approach can lead to significantly higher total costs due to accrued interest over an extended period.

Linguistic Context

The phrase "minimum payment for" functions as a noun phrase acting as a prepositional complement. It specifies the lowest acceptable amount in a payment context, often related to debts, loans, or services. Ludwig indicates this phrase is correct and usable in written English.

Expression frequency: Rare

Frequent in

News & Media

50%

Science

25%

Wiki

25%

Less common in

Formal & Business

0%

Academia

0%

Encyclopedias

0%

Ludwig's WRAP-UP

The phrase "minimum payment for" is a grammatically correct and usable expression that denotes the smallest acceptable amount for a payment, especially in financial contexts such as loans or credit cards. As Ludwig indicates, the phrase is suitable for written English. While not extremely frequent, it appears in a range of sources from news outlets to general reference sites. When using this phrase, it's important to ensure clarity regarding the specific context, whether it's a single debt or a collective obligation. Be aware that consistently paying only the "minimum payment for" debts, especially credit cards, can lead to higher overall costs due to accrued interest.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

minimum amount payable for

Rephrases "payment" as "amount payable", emphasizing the obligation to pay.

bare minimum payment for

Adds "bare" before "minimum", intensifying the sense of it being the absolute lowest amount.

least amount due for

Replaces "minimum payment" with "least amount due", emphasizing the sum that must be paid.

lowest payment required for

Substitutes "minimum" with "lowest" and adds "required", highlighting the obligatory nature of the payment.

smallest payment for

Employs "smallest" instead of "minimum", indicating the size of the payment.

mandatory payment for

Substitutes "minimum" with "mandatory", focusing on the compulsory nature of the payment.

basic payment for

Uses "basic" to convey the fundamental payment amount needed.

initial payment for

Changes "minimum" to "initial", focusing on the starting payment.

starting payment for

Uses "starting" instead of "minimum", focusing on the amount to begin with.

entry-level payment for

Replaces "minimum" with "entry-level", suggesting the lowest tier of payment.

FAQs

How does paying only the "minimum payment for" my credit card affect my credit score?

While making the "minimum payment for" your credit card on time helps you avoid late fees and negative marks on your credit report, it doesn't significantly improve your credit score. Paying more than the minimum and keeping your credit utilization low are more effective strategies.

What happens if I can't afford the "minimum payment for" my student loan?

If you can't afford the "minimum payment for" your student loan, explore options like income-driven repayment plans, deferment, or forbearance. Contact your loan servicer as soon as possible to discuss available solutions.

Is there a difference between the "minimum payment for" a loan and the total amount due?

Yes, the "minimum payment for" a loan is the smallest amount you're required to pay each month to remain in good standing. The total amount due includes the principal balance, interest, and any fees. Paying only the minimum will extend the loan term and increase the total interest paid.

Are there strategies for dealing with high credit card interest rates?

To combat high credit card interest rates, consider balance transfers to cards with lower rates, negotiating a lower rate with your current issuer, or using debt consolidation loans. Always aim to pay more than the "minimum payment" to reduce the balance faster and minimize interest charges.