topic Re: What is PenFeds Minimum Payment Percentage? in Credit Cards

What is PenFeds Minimum Payment Percentage?

jthompson5254 — Thu, 11 Mar 2010 17:30:24 GMT

I called them before I opened an account and they said it was 2%. I now have a $10K and they are only requesting a $125 minimum payment which is like 1.1% (the percentage doesn't even make sense). I'm not complaining but its weird that its so low especially when they quoted me 2%. BTW before people start telling me that I will never pay it off paying $125 a month. I am not paying that, I'm paying $220 which is what I thought the minimum payment was going to be.

Re: What is PenFeds Minimum Payment Percentage?

score_building — Thu, 11 Mar 2010 17:56:00 GMT

Sorry- but planning on paying the min., even at 2% is still generally not a good plan, YMMV.

Paying at least 6% when possible is going to put some traction on the pay down schedule.

Re: What is PenFeds Minimum Payment Percentage?

jthompson5254 — Thu, 11 Mar 2010 18:08:24 GMT

@score_building wrote:
Paying at least 6% when possible is going to put some traction on the pay down schedule.

Since I'm currently unemployed, it is not possible. However I'm working on correcting that and I'm currently going to training at my local community college for a job in the healthcare field which is being paid for by Unemployment.

Re: What is PenFeds Minimum Payment Percentage?

Anonymous — Thu, 11 Mar 2010 21:34:56 GMT

I have not had a minimum due on either of my PenFed accounts in more than 6 months. dunno why.