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Let's say you go to the store and charge $1,000.
But, you don't know how much the CC bill will be for.
Is there any calculation to this, like balance divided by 10 months, or etc?
I work at a store that has CC's and sometimes people want to know what their monthly payment will be.
@FixMyCredit1992 wrote:Let's say you go to the store and charge $1,000.
But, you don't know how much the CC bill will be for.
Is there any calculation to this, like balance divided by 10 months, or etc?
I work at a store that has CC's and sometimes people want to know what their monthly payment will be.
i think most creditcards have a 25.00 minimum payment or 3% of the balance you can find all that info in the t&c of the creditcard
You have to lookup the T&C.
DIfferent lenders calculate minimum payment differently.
The typical formula is the interest accrued during the statement period plus 1% of the balance.
@FixMyCredit1992 wrote:I work at a store that has CC's and sometimes people want to know what their monthly payment will be.
Focusing on the minimum is a surefire way to end up in trouble.
Bankrate has some useful calculators:
http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx
Usually the payment is all of the interest plus 1% of the balance, but as the OP said check the T&C.
That said...
Minimum payments are EVIL!
Focusing on the minimum is a surefire way to end up in trouble.
+100
@lhcole77 wrote:Focusing on the minimum is a surefire way to end up in trouble.
+100
Is this like "so my friend...joe...is having problems paying his balances...what can I do to fix this"
Minimum payments are the devil....
As others have noted, it is lender specific.
Here's the master list, for commonly used banks.
http://www.creditcards.com/credit-card-news/minimum-credit_card-payments-survey-1276.php