Sunbit Credit Card: How is the minimum payment due calculated?
The minimum payment due (“minimum payment”) is calculated to be the greater of $25 or 1% of your balance plus new interest, plus any past due balance. If the total outstanding balance is less than $25, then the total outstanding balance is the minimum payment.
For customers whose cards were issued prior to January 10th, 2024: if you have a purchase-related transaction on your account (or certain other events occur) and you are not late, we calculate the equal payments you would need to make on time in the next 36 billing cycles to pay your balance in full (assuming you make no further purchases). This is the minimum amount you must pay in those next 36 billing cycles (unless, e.g., you make another purchase, you are late or certain other events occur). In the event you are late, your minimum payment will also past due amounts. If you are current and do not have a purchase-related transaction on your account in a billing cycle (and certain other events do not occur), then we do not recalculate your minimum payment due for the next billing cycle and instead your minimum payment is equal to the amount calculated when you last had a purchase-related transaction to repay your balance in 36 billing cycles.
For customers whose cards were issued prior to January 21st, 2021, the above-mentioned calculations related to the minimum payment are made over 12 billing cycles.
