How is minimum payment calculate lol for Chase Freedom?

[Anonymous]

Called they didn't know, said it would be on my statement wasn't there. Googled and did not really say, said 3% but that math doesn't add up, and the typical 1% of the balance plus interest doesn't match up either. Anybody know??

[ojefferyo]

Minimum payment has always been on my statements.

[OmarGB9]

Check your card member agreement.

[Anonymous]

well, it is 1% of balance and all interest owed. keep in mind you pay interest on the previous month's statement balance and it's accounted for daily... so basic math algorithms won't yield 100% accurate results. that's why they make computers, coding, and algebra

[NRB525]

Well, do you carry a balance and pay interest?

Or you pay in full each month?

What are the amounts you are trying to figure, on the latest statement:

Opening Balance

New Charges

Payments

Interest

Fees

Ending Balance.

Minimum Payment shown on this statement.

The minium dollar amount is $25 unless your balance is less than $25, in which case it is that actual balance.

If your statement balance is between $25 and $250, then the minimum payment is going to be $25, provided you aren't getting any interest costs.

If your statement balance is anything over $250, then the $25 would start to increase at a 1% rate, provided you aren't carrying any balances that incur interest charges.

[takeshi74]

It's on your cardmember agreement.  That stuff that comes with your card isn't just packing material.  Here's an online copy for the Signature:

https://www.chase.com/content/feed/public/creditcards/cma/Chase/COL00056.pdf

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@Anonymous wrote:
the typical 1% of the balance plus interest doesn't match up either. 

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How are you calculating the interest?  If you have a carried balance keep in mind that you don't have a grace period on new purchases.