Payment terms.

[FixMyCredit1992]

Seems like it's not disclosed with most CCCs.

Saying you get approved for a $10,000 CL, you go charge $2,000.

However, how do they calculate the min payment? Is it over 3 months, 6 months, a year?

[titanofold]

It should be disclosed with all CCCs.

One of the cards my fiancée has states that it's 4% or $25, whichever is greater. Another one says 1% + interest.

[brianjb]

Most credit cards disclose this.  It is a certain percentage of the balance or a minimum amount.

I don't remember exactly, but let's say it's 2% and $25.  So 2% of $2,000 is $40.  So the minimum would be $40 since that is larger than $25.

[brianjb]

Something else I forgot to mention.

I think a law was passed that they must disclose how long it would take you to pay off the balance if you only paid the minimum.  Something like if you pay the minimum it would take you 7 years to pay off.

I recommend that if you have to figure out if you can afford the mimimum, then you should really think long and hard if you should make that purchase.  Not trying to be mean, cause I've been there.  Paying the mimimum will take forever to pay off.

[FinStar]

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@FixMyCredit1992 wrote:

Seems like it's not disclosed with most CCCs.

Saying you get approved for a $10,000 CL, you go charge $2,000.

However, how do they calculate the min payment? Is it over 3 months, 6 months, a year?

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It is disclosed and part of the the cardmember agreement with every lender.  All lenders are required to provide this disclosure by law when you receive your card.  Out of curiosity, which lenders are you referencing whereby "it's not disclosed"?

[FixMyCredit1992]

Well I'm not looking to rack up any more debt at the moment, I was just wondering out of my own curiosity. 

[FinStar]

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@FixMyCredit1992 wrote:

Well I'm not looking to rack up any more debt at the moment, I was just wondering out of my own curiosity. 

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Well it would appear that the below statement is inaccurate OP.  Since all lenders have this disclosure requirement with your agreement.  For the 3 cards you have, there should be information that you received with your cardmember agreement inclusive of the information that is printed on any monthly statement.

@      FixMyCredit1992 wrote:
      Seems like it's not disclosed with most CCCs.