Who this is for: Reap clients who want to understand how much they need to repay each month and what happens if they pay less than the full balance.
What this article covers: The minimum monthly payment, how interest applies to unpaid balances, late payment fees, and what the due date is.
Overview
Your Reap card account requires a minimum payment each month. This article explains how the minimum payment is calculated, what happens if you pay only the minimum, and what fees apply if you miss the due date.
Jump to
- Minimum payment amounts
- What happens if you only pay the minimum
- Late payment fees
- Frequently Asked Questions
- Contact our Support Team
Minimum payment amounts
Your minimum payment is due by the 20th of the month following your statement month. For example, if your statement period closes in January, your minimum payment must be received by February 20.
The amount due is whichever is higher — the flat floor amount or 1% of your outstanding balance.
Account currency |
Floor amount |
Percentage |
| USD | USD 250 | 1% of outstanding balance |
| HKD | HKD 2,000 | 1% of outstanding balance |
Example - USD account:
If your outstanding balance is USD 20,000, then 1% is USD 200. Because that is below the floor, your minimum payment is USD 250.
If your outstanding balance is USD 40,000, then 1% is USD 400. Because that exceeds the floor, your minimum payment is USD 400.
You can find your minimum payment amount on your monthly statement and in the repayments section of your Reap dashboard.
What happens if you only pay the minimum
Your account remains in good standing if the minimum is paid on time. However, the unpaid portion of your balance carries into the next statement cycle and interest accrues on it at 25% APR.
Paying your full statement balance by the due date avoids interest charges entirely.
Late payment fees
If you do not make at least the minimum payment by the 20th, a late payment fee applies.
| Account currency | Late payment fee |
| USD | USD 30, or the minimum payment amount - whichever is higher |
| HKD | HKD 250, or the minimum payment amount - whichever is higher |
Frequently Asked Questions
What if my total balance is lower than the floor amount?
You pay only what you owe. If your outstanding balance is below the floor amount, your minimum payment is your full outstanding balance.
I paid the minimum last month and now I see an interest charge. Is that expected?
Yes. Paying only the minimum leaves part of your balance unpaid, and interest accrues on that remaining amount at 25% APR. To avoid interest, pay your full statement balance by the due date.
Where do I go to make a repayment?
Go to the repayments section in your Reap dashboard. You can choose to pay the minimum, the full balance, or a custom amount.
Can late fees be waived?
Late fee waivers are assessed on a case-by-case basis and are not guaranteed. If you would like to request a review, contact Reap support and include your account name, statement period, and the charge you are asking about.
Contact our Support Team
If you have questions or need assistance, contact our support team via the Live Chat in the Reap Dashboard (bottom right corner) or email us at hello@reap.global
For more information, visit Know who to talk to at Reap.