BofA Better Balance Question

[Stanic413]

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@sexy_kitten7 wrote:

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@StriveToProsper wrote:

Just spoke with the online chat representative and this was gathered:

: Please note the minimum payment is calculated as follows:
: 1% of the balance (New Balance total except for any new periodic rate interest charges and late fee) + new periodic rate interest charges + any new late fee.

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This is not correct. What did I say earlier about stupid CSRs?? lol

The "minimum minimum payment," so to speak, is $25 (it used to be $15). So any balance under $25 will be payable in full. The above formula is used for balances over $25, but the minimum payment will be the greater   a) $25   or   b) the 1% calculation.

Examples assuming PIF: the min payment for $5 is $5. The min payment for $40 is $25. The min payment for $4000 is $40.

The entire process is a bit pedantic though, as your minimum is disclosed on every statement. No math required!

As expected, Amex is the most conservative in this area. The base percentage is ~2% and the min min is $35!

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+1

I liked it better when min was $15.  lol

[heyitsyeh]

Well hopefully BofA will adjust the rewards over time because of inflation