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They will not raise minimum payment unless you do something wrong like go over CL limit, pay late...
itsjustmeibe wrote:
Does Bank of America always only require 1% of the balance as a minimum payment? I just got a personal card and a business card in the last 5 months and have a 0% intro rate. I'm just wondering if this is a teaser so that when my promo is over, I would still owe them a lot that would start being charged at the regular rate.
It's actually longer than that. If you continued making the same principle payment as the first month, it would take 100 months, but if you make the new minimum payment each time it will take like 22 years.
@Anonymous wrote:
To translate: 1% minimum means 100 months to get 100% principle. 100 months is almost 9 years. And that would be if no new charges occurred.
@athensguy wrote:It's actually longer than that. If you continued making the same principle payment as the first month, it would take 100 months, but if you make the new minimum payment each time it will take like 22 years.
@Anonymous wrote:
To translate: 1% minimum means 100 months to get 100% principle. 100 months is almost 9 years. And that would be if no new charges occurred.
It means in DEBT FOR LIFE. DO BE FOOLISH...Pay that baby off every month in full. Better yet, don't use them. That's what they want is for you to just pay that minimum.