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Minimum Payment

Valued Contributor

Re: Minimum Payment


distantarray wrote:

YoungJay18 wrote:

like if i have a 750 balance and 25 is min if i pay the 25 will i get a 750 credit line again for the next month but continue to carry the balance


wow I'm glad you came to the boards to ask.... If you have a credit limit of $750 and you spent $750  if you do the minimum payment of $25 your look at $725 balance

 

(if no interest rates are accessed, remember most credit card companies do not charge interest for a grace period Amex gives you 25 days before interest is charged.)

 

So you would only have a balance of $25 usable credit.


Could you imagine the type of trouble people would get into if that were the case?? 

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Message 21 of 24
Established Contributor

Re: Minimum Payment


beb86 wrote:

distantarray wrote:

YoungJay18 wrote:

like if i have a 750 balance and 25 is min if i pay the 25 will i get a 750 credit line again for the next month but continue to carry the balance


wow I'm glad you came to the boards to ask.... If you have a credit limit of $750 and you spent $750  if you do the minimum payment of $25 your look at $725 balance

 

(if no interest rates are accessed, remember most credit card companies do not charge interest for a grace period Amex gives you 25 days before interest is charged.)

 

So you would only have a balance of $25 usable credit.


Could you imagine the type of trouble people would get into if that were the case?? 


LOL then I would understand the national debt 100% since the national debt is about $50,000 per person x 300 million people including infants to senior citizens


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 22 of 24
Valued Contributor

Re: Minimum Payment


wow I'm glad you came to the boards to ask.... If you have a credit limit of $750 and you spent $750  if you do the minimum payment of $25 your look at $725 balance

 

(if no interest rates are accessed, remember most credit card companies do not charge interest for a grace period Amex gives you 25 days before interest is charged.)

 

So you would only have a balance of $25 usable credit.


Could you imagine the type of trouble people would get into if that were the case?? 


LOL then I would understand the national debt 100% since the national debt is about $50,000 per person x 300 million people including infants to senior citizens


Buy 1 get 30 free haha

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Message 23 of 24
Highlighted
Established Contributor

Re: Minimum Payment


distantarray wrote:

YoungJay18 wrote:

like if i have a 750 balance and 25 is min if i pay the 25 will i get a 750 credit line again for the next month but continue to carry the balance


wow I'm glad you came to the boards to ask.... If you have a credit limit of $750 and you spent $750  if you do the minimum payment of $25 your look at $725 balance

 

(if no interest rates are accessed, remember most credit card companies do not charge interest for a grace period Amex gives you 25 days before interest is charged.)

 

So you would only have a balance of $25 usable credit.


lol, I think it's cute. My younger brother did not know anything about credit cards. His first year at Brown University, he used a credit card for the first time in his life and thought he would make his payments to the bookstore he purchased the books at !!

100% Ficos: EX 780 , TU 783, EQ 776 inquiries last 2 years/1 year/6 months: EX-0/0/0, TU-0/0/0, EQ-1/0/0~ last credit card app 6/24/13- New car loan 3/8/2014- Discover IT $12,500~Kohls $1000~Amex BCE $4000~ Walmart Discover $7500~NFCU Signature CashRewards $23,300 Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $3800~ Amazon Store $7000~ Fingerhut $1050
Message 24 of 24