Credit Card Center Advertiser Disclosure†
12-04-2012 09:06 PM
I have one card with a 1.7k balance and $30 minimum payment, and another card with an $80 balance and $40 minimum payment. Am I missing something?
12-04-2012 09:11 PM
12-04-2012 09:12 PM
not sure. ive never had a balnce of more then 2700 dollars but my payments have never been more then 30 a month.
ive seen other peoples though where they have about 8k in debt and their payments were around 140+
|Current: Discover Fico 709 3/15 Walmart Fico 743 4/15|
Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Earn Cash Back
|Amex Zync(Unicorn) |
Citi DC $10,000
12-04-2012 09:13 PM
I don't believe minimum payment is "calculated" per se, unless you reach a certain high balance. Most minimum payments are $25, though my TD Bank card has one at $35, given that my balance is at or more than that set minimum amount. Otherwise, the minimum payment is your statement balance. At one point I had a relatively high balance on my JCP account (maybe around $500? $600?) where they must have deemed me as a risk and sent a slightly higher $29 payment my way. I always PIF anyways so minimum payments mean little to me. Try reading through the terms and conditions, they may give a method to calculating the minimum payment, but most just state the minimum values. Best of luck!
12-04-2012 09:16 PM - edited 12-04-2012 09:17 PM
Depends on who it is, Chase is $25 or (1% of total balance) + (fees + interest + overlimit amount), whichever is greater.. USAA is same but $30 instead of $25
12-04-2012 09:17 PM - edited 12-04-2012 09:19 PM
Each creditor calculates the min pmts differently. Is the $80 bal on a gas card?
Typically, higher interest rates cause min pmts to increase. Most issues do the higher of 1% of the bal + interest + late fees OR $25 lol
Both cards are regular, i.e. non-store, non-gas, non-secured, cards, and carry a 0% promotional APR. And I am never late on payments.
12-04-2012 09:40 PM
12-05-2012 06:36 PM
It seems to be the consensus that each lender has a different way of calculating minimum payments, but is there a general principle? For example, the maximum number of years it should take to pay off the balance must be under X, or the amount of interest paid must be smaller than Y% of the principal?
12-05-2012 06:44 PM - edited 12-05-2012 06:45 PM
+1. Amex has a min pmt of $35 too and Discover adds like $40 to your min pmt if you have a bt.
This is all true. Minimums are not kind on either of these creditors cards
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.