Credit Cards

[Dustink]

Does anyone know what the minimum payment on Chase Slate is?

I heard Chase raised some of their credit card account to 5% back in 2010. What about now for the Chase Slate. What percentage do customer generally have to pay for their minimum?

[kwazziee]

I believe minimun payment is base of your stated income. Might be wrong.

[Dustink]

So if somebody has a low stated income and high limit their minimum payment will be low?

[youngandcreditwrthy]

I think it's the greater of:
$25;
Or;
1% of your bal plus all interest charges.

Pretty sure the cardmember agreement says that :-P

[youngandcreditwrthy]

It's not based on income.

[youngandcreditwrthy]

If creditors based bills on income, we wouldnt need to worry about credit. You pay for what you borrow lol

[Dustink]

It is for my mom's account. She would have no clue where to look and is in a different state so I can't look for her. I didn't know if card agreements varied in this regard or not.

[youngandcreditwrthy]

I think they are all the same. What's her bal and apr? I can calc the pmt for you. Lol

[Dustink]

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youngandcreditwrthy wrote:
I think they are all the same. What's her bal and apr? I can calc the pmt for you. Lol

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$4,000 0% until 01/14 then 16.99 APR

 Although, I won't let her make the minimum payment.

I think if she pays $100 per month, it will be paid in September of 2016 with a total interest cost around $600.

I might find her another balance transfer after this one expires.

[youngandcreditwrthy]

The min should be like $40 then.
The CARD Act raised min pmts in general to $25 at least typically
But recently most card companies changed how they calc the min pmt... So that you always at least pay 1% of the bal. So instead of the usual 2-5% they used to charge, now it's lower, which is bad. Haha
Make sure she pays more than that!!!!