topic Re: Minimum Payment in Credit Cards

Minimum Payment

Tg123 — Sat, 14 May 2011 05:52:36 GMT

I have just gotten my first cc and this might be stupid because I will PIF, but how do I calculate minimum payment on a balance?

Re: Minimum Payment

Guava — Sat, 14 May 2011 06:17:32 GMT

The minimum payment is set by the bank, you don't have to calculate it. The bank indicate the minimum amount ($35 or whatever)

Re: Minimum Payment

Tg123 — Sat, 14 May 2011 06:31:23 GMT

I know I just want to be able to calculate for myself

Re: Minimum Payment

tsquad131 — Sat, 14 May 2011 06:45:35 GMT

it might be in your credit card terms when you received it that should state its like 2% of your balance or $15 or whatever is greater

Re: Minimum Payment

clocktick — Sat, 14 May 2011 07:42:37 GMT

Yes, review your terms and conditions and it may be in there. It varies with each card I believe.

Re: Minimum Payment

Anonymous — Sat, 14 May 2011 11:28:51 GMT

I actually checked what is calculated by all of my cards and it runs anywhere from about 2% up to 4% of the new balance.

Re: Minimum Payment

marty56 — Sat, 14 May 2011 11:58:27 GMT

Chevron (GEMB) changes the minimum payment due if you get close to your CL. I don't know if this policy has changed sinc he last time that happend to me was back in my subprime days about 8 years ago.

Re: Minimum Payment

Anonymous — Sat, 14 May 2011 17:08:50 GMT

Tg123, congratulations on that new card!

As others have said here, the terms and conditions for that card will outline what your minimum payment will be. Those terms and conditions vary from lender to lender, and they can also change from time to time, too. Always read your statement (paper or online) for notices about any changes in terms (in payment dates, minimums, etc).

Your PIF plan sounds great to me! Congrats again!!

Re: Minimum Payment

DI — Sat, 14 May 2011 17:19:38 GMT

One cannot go wrong if they practice the 'uborrow-upay' habit. Meaning, if you borrow $100 from your CC, you pay $100 rather than just the minimum required payment.