Min payment calculator?

[FixMyCredit1992]

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.

[carlosjgg]

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@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.

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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

[trumpet-205]

You have to lookup the T&C.

DIfferent lenders calculate minimum payment differently.

[Anonymous]

The typical formula is the interest accrued during the statement period plus 1% of the balance.

[takeshi74]

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@FixMyCredit1992 wrote:

I work at a store that has CC's and sometimes people want to know what their monthly payment will be.

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Focusing on the minimum is a surefire way to end up in trouble.

[BootStraps]

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!

[lhcole77]

Focusing on the minimum is a surefire way to end up in trouble.

+100

[jsucool76]

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@lhcole77 wrote:

Focusing on the minimum is a surefire way to end up in trouble.

+100

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 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....

[sexy_kitten7]

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