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Minimum payment questions

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zsepthenne
Regular Contributor

Minimum payment questions

I'm a bit of a credit rookie so sorry if this is a silly question. How can I figure out what minium payments are for my cards according to changing balances? So far I rarely hold balances over 10% on the four cards I do have charges on. My two comenity cards min payments have only been $25, same for BofA(i think, usually just come close to PIF), and Walmart. Discover is my newest card and when my first statement cut yesterday it had a $35 min payment on a $166 balance. I PIF usually, but do different cards just have different standard minimums that they go by? I want to know the minimums in case of some unlikely horrible financial disaster.

Beginning Scores 9/2013: EX 651, TU 639 Short term goals: Scores in the mid 700s 1/15 TU08 701| 4/2018 TU08 800!! |11/2019 TU 785
CapOne Quicksilver $5000 | Barclaycard Rewards Mastercard $6900 | Amex Everyday $15000 | Discover It $13000 | Cap One Walmart Mastercard $8000 | BofA Cash Rewards $3200 | CareCredit $7200 | Citibank Double Cash $10500 | Chase AARP $5500
Message 1 of 6
5 REPLIES 5
user5387
Valued Contributor

Re: Minimum payment questions

The minimum payment formula is stated in the T & C, and varies between cards.

 

Message 2 of 6
zsepthenne
Regular Contributor

Re: Minimum payment questions

Ok, thanks

Beginning Scores 9/2013: EX 651, TU 639 Short term goals: Scores in the mid 700s 1/15 TU08 701| 4/2018 TU08 800!! |11/2019 TU 785
CapOne Quicksilver $5000 | Barclaycard Rewards Mastercard $6900 | Amex Everyday $15000 | Discover It $13000 | Cap One Walmart Mastercard $8000 | BofA Cash Rewards $3200 | CareCredit $7200 | Citibank Double Cash $10500 | Chase AARP $5500
Message 3 of 6
ori68
New Contributor

Re: Minimum payment questions

i am not sure exactually how acurate this is, but i think its a good starting point.

 

  • Bank of America (BAC_) The minimum payment for a Bank of America credit card is 1% of your current balance, plus interest charges and any late fees for the month.
  • Capital One (COF_) If your balance is less than $25, your minimum payment will equal your balance. Otherwise, your minimum payment will be greater of $25 or 1% of your balance plus interest and late payment fees.
  • Chase (JPM_) Your minimum payment will ordinarily be the larger of $10 (or total amount you owe if less than $10) or 2% of the new balance; or the sum of 1% of the new balance, the periodic interest charges and late fees they have billed you on the statement for which your minimum payment is calculated.
  • Citi (C_) The minimum payment due is 2% of the outstanding balance or $30, whichever is higher.
  • Discover (DFS_) The minimum payment due will be the greater of $35 or 2% of the new balance shown on your billing statement, or any interest charges and late fee shown on your billing statement plus $20.

 

www.thestreet.com/story/11914100/1/why-minimum-payment-on-a-credit-card-costs-you-so-much.html

 

Discover FICO 759(04/15)
Barclaycard FICO 763 (04/15)
Citi FICO 736 (04/15)
BOA Experian 744 (05/15)
Message 4 of 6
zsepthenne
Regular Contributor

Re: Minimum payment questions


@ori68 wrote:

i am not sure exactually how acurate this is, but i think its a good starting point.

 

  • Bank of America (BAC_) The minimum payment for a Bank of America credit card is 1% of your current balance, plus interest charges and any late fees for the month.
  • Capital One (COF_) If your balance is less than $25, your minimum payment will equal your balance. Otherwise, your minimum payment will be greater of $25 or 1% of your balance plus interest and late payment fees.
  • Chase (JPM_) Your minimum payment will ordinarily be the larger of $10 (or total amount you owe if less than $10) or 2% of the new balance; or the sum of 1% of the new balance, the periodic interest charges and late fees they have billed you on the statement for which your minimum payment is calculated.
  • Citi (C_) The minimum payment due is 2% of the outstanding balance or $30, whichever is higher.
  • Discover (DFS_) The minimum payment due will be the greater of $35 or 2% of the new balance shown on your billing statement, or any interest charges and late fee shown on your billing statement plus $20.

 

www.thestreet.com/story/11914100/1/why-minimum-payment-on-a-credit-card-costs-you-so-much.html

 


Thanks Ori, that's helpful. It's all the "and's" and "or's that trip me up a bit. I think I've got it though. I'm a MASSIVE planner so I like to have all sorts of disaster plans and such in place lol. Though I wonder why I have no earthquake plan in place as I live in CA hmmmmmm.

Would you say that this calculator is pretty good? http://www.bankrate.com/calculators/credit-cards/credit-card-minimum-payment.aspx

Beginning Scores 9/2013: EX 651, TU 639 Short term goals: Scores in the mid 700s 1/15 TU08 701| 4/2018 TU08 800!! |11/2019 TU 785
CapOne Quicksilver $5000 | Barclaycard Rewards Mastercard $6900 | Amex Everyday $15000 | Discover It $13000 | Cap One Walmart Mastercard $8000 | BofA Cash Rewards $3200 | CareCredit $7200 | Citibank Double Cash $10500 | Chase AARP $5500
Message 5 of 6
lbuckland223
New Member

Re: Minimum payment questions

There sure is a bit of difference in your scores for each of the bureaus. So which one would be more accurate?

Message 6 of 6
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