You have until the due date on your statement to pay at least the minimum payment before being charged a late fee. This due date is typically one month from when you receive the statement. Ideally, you'd pay your entire statement balance to avoid both interest and late fees. You can find both your minimum payment and statement balance on your statement.

What's my statement period?

Your statement period is a monthly cycle, usually starting on the day of the month you first opened your account. At the end of your statement period, you will receive a statement detailing the following (we’ll notify you via email and in the Rocket Money app when that’s available):

  • Spending details from your statement period

  • The statement balance due by the end of the statement period

  • The minimum payment

So what's a statement balance?

The total balance from that statement is called the “statement balance”. This is the amount due one statement cycle from when the statement becomes available. Essentially, you have a whole statement cycle (one month) to pay your balance from the previous month before getting hit with interest and late fees.

What happens if I just pay the minimum?

If you don't pay the entire statement balance by the due date (one statement cycle after your statement period), you will pay interest on any remaining balance.

We use your average daily balance to determine your interest payment. To calculate the average daily balance, we take the sum of the cardholder’s balances at the end of each day in the billing cycle and divide that amount by the total number of days in the billing cycle. We then multiply this figure by the card’s annual percentage rate, or APR, to determine interest charges.

See the cardholder agreement for more details.


Rocket Card is Powered by Deserve and issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.

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