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Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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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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Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
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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
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
0

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

ccpics2.jpg
Established Contributor
Posts: 803
Registered: ‎05-16-2012
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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 !!

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