A credit card's minimum payment is the lowest amount you must pay each month to avoid default. Until 2026 each bank and department store set it its own way; since June 2026 it is calculated with a single formula set by CMF General Rule No. 537, issued on June 4, 2025 under Law 21,673, which aims to reduce over-indebtedness. The rule: the minimum payment must cover 100% of non-financeable amounts (interest, fees and charges) and at least 5% of principal. On Google, "pago mínimo tarjeta de crédito" gets about 6,600 monthly searches in Chile, according to Google Ads data pulled through DataForSEO. This guide explains the formula, its schedule and what paying only the minimum costs.
View the data as a table
| First minimum payment | $84,180 |
| Months to fall below CLP 10,000 | 90 |
| Interest paid | $676,840 |
| Paying CLP 100,000 a month | 13 months |
How the credit card minimum payment is calculated under the new formula
The rule splits the bill into two parts (CMF General Rule No. 537, section 5.2):
- Non-financeable amounts (MNF): the period's interest-free installments; revolving, late and installment interest; fees; and taxes, administration or maintenance charges, insurance premiums, overdue balances and collection costs.
- Financeable amounts (MF): the difference between the total billed and the MNF, including the period's interest-bearing installments.
- Full formula: minimum payment = 100% of MNF + 5% of MF. It is calculated on the amount billed before any renegotiation.
- Exceptions: the issuer may waive the minimum payment in exceptional situations, for at most two consecutive months, if the waived debt is repaid within 24 months.
Before, according to BioBioChile, some cards had minimum payments of just CLP 5,000 on million-peso balances. With a minimum covering only interest plus 1% of principal, the same CLP 1,000,000 debt would take almost 460 months to fall below CLP 10,000; with the mandatory 5%, it takes 90. The rule applies to banks, cooperatives, bank support companies and non-bank issuers such as department stores.
Schedule: when interest-free installments enter the minimum payment
The formula applies from 12 months after the rule's publication, and the share of interest-free installments (CSI) is phased in: 25% more every six months within the MNF, while the rest is treated as principal at 5% (CMF General Rule No. 537, transitional provisions). Example from BioBioChile: interest of CLP 10,000, an interest-free installment of CLP 50,000 (a CLP 150,000 purchase in three installments) and principal of CLP 500,000.
| From | Interest-free installments in MNF | Formula | Example minimum payment |
|---|---|---|---|
| Jun 2026 | 0% | MNF + 0% CSI + 5% × (MF + 100% CSI) | CLP 37,500 |
| Dec 2026 | 25% | MNF + 25% CSI + 5% × (MF + 75% CSI) | CLP 49,375 |
| Jun 2027 | 50% | MNF + 50% CSI + 5% × (MF + 50% CSI) | CLP 61,250 |
| Dec 2027 | 75% | MNF + 75% CSI + 5% × (MF + 25% CSI) | CLP 73,125 |
| Jun 2028 | 100% | MNF + 100% CSI + 5% × (MF + 0% CSI) | CLP 85,000 |
Source: CMF General Rule No. 537; example from BioBioChile, calculated by Pauta Financiera for each stage. Dates count each stage from June 2026.
Does your institution offer refinancing or financial education? Reach people looking to manage their debts on Pauta Financiera.
See advertising optionsWhat paying only the credit card minimum costs
Suppose a CLP 1,000,000 revolving balance, with no interest-free installments or charges, no new purchases and the rate at the legal ceiling: the maximum conventional rate for loans up to 50 UF is 41.02% a year since October 15, 2026 (CMF, maximum conventional rate from Oct 15, 2026), about 3.418% a month. Paying only the minimum (the month's interest + 5% of principal), the first payment is CLP 84,180, and it keeps falling. It takes 90 months (seven and a half years) for the balance to fall below CLP 10,000, paying CLP 676,840 in interest along the way. Paying a fixed CLP 100,000 instead clears the debt in 13 months with CLP 244,869 in interest.
View the data as a table
| Minimum payment | Fixed CLP 100,000 | Fixed CLP 50,000 | |
|---|---|---|---|
| Month 0 | $1,000,000 | $1,000,000 | $1,000,000 |
| Month 6 | $735,092 | $569,756 | $896,590 |
| Month 12 | $540,360 | $43,386 | $770,075 |
| Month 18 | $397,214 | $0 | $615,295 |
| Month 24 | $291,989 | $0 | $425,932 |
| Month 30 | $214,639 | $0 | $194,262 |
| Month 36 | $157,779 | $0 | $0 |
| Month 42 | $115,982 | $0 | $0 |
| Month 48 | $85,258 | $0 | $0 |
| Month 54 | $62,672 | $0 | $0 |
| Month 60 | $46,070 | $0 | $0 |
| Month 66 | $33,866 | $0 | $0 |
| Month 72 | $24,894 | $0 | $0 |
| Strategy | Months | Interest paid |
|---|---|---|
| Minimum only (interest + 5%) | 90 | CLP 676,840 |
| Fixed CLP 50,000 | 35 | CLP 712,126 |
| Fixed CLP 100,000 | 13 | CLP 244,869 |
CLP 1,000,000 debt at 3.418% a month, with no new purchases or charges. For the minimum payment, counted until the balance falls below CLP 10,000. Pauta Financiera calculation.
What to do if you can only pay the minimum
- Pay more than the minimum when you can: every extra peso goes to principal and cuts future interest.
- Stop using the card while paying down: new purchases restart the cycle.
- Compare with a consumer loan: if its CAE is lower than the revolving rate, consolidating can be cheaper; see debt consolidation.
- Not paying even the minimum triggers late interest, collection costs and a record in credit bureaus; see what happens to delinquent debtors.
How to read the minimum payment on your statement
The monthly statement shows the amount billed, the minimum amount due and the due date. Under the new formula, a month's minimum can rise even if the debt has not changed, for three reasons:
- Fixed charges: monthly administration or maintenance, insurance and taxes enter the minimum in full.
- Interest-free installments: from December 2026, 25% of the month's interest-free installment must be paid in full within the minimum, and the share rises every six months.
- Arrears: overdue balances and collection costs are also non-financeable amounts and are added at 100%.
About 14% of people do not pay the minimum or pay only the minimum, according to academic Nicolás Román quoted by BioBioChile. For them, the change means higher payments, but also debts that end sooner. Heavy users of interest-free installments should keep in mind that, from December, those installments will weigh increasingly on the monthly minimum.
The total cost of credit is best compared using the CAE, which adds interest and charges into a single annual rate.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
Frequently asked questions about the minimum payment
How much is the credit card minimum payment in Chile?
100% of the month's interest, fees and charges, plus at least 5% of principal owed, under CMF General Rule 537.
When did the new minimum payment take effect?
Since June 2026. Interest-free installments are added 25% every six months until fully included in June 2028.
What happens if I pay only the minimum?
You avoid default, but the rest accrues interest. A CLP 1,000,000 debt at 3.418% a month takes 90 months and pays CLP 676,840 in interest.
Can the bank waive my minimum payment?
Only in exceptional situations, for up to two consecutive months, and the debt must be repaid within 24 months.
