topic How is APR/Minimum payments calculated in General Credit Topics

How is APR/Minimum payments calculated

Anonymous — Sat, 16 May 2020 15:05:58 GMT

Sorry if this is awnsered elsewhere ... i did a deep dive and either coudlnt find what i was looking for or it wasnt super clear. My 2 questions are:

1) How is monthly minimum payment calculated? Looking at balances, history and statements the best I can come up with is that it is 2.75% of the balance. but sometimes it varies vastly. I'm almost certain its 2.75-2.99% on all cards, but what is that percentage of? Statement balance? average daily balance?

2) How is APR calculated? is it:

(APR * [BALANCE] ) /12

if so, again is that statement balance or average daily balance?

3) When is interest calculated? it seems to vary. sometimes before statement date sometimes a few days after

For reference here are my revolving cards:

Credit Report Details
Account	Balance	Limit	Ratio	APR	AoA
Walmart	$0.00	$1,450.00	0.0%	22.90%	4 yrs, 5 mos
Paypal	$1,699.00	$3,500.00	48.5%	25.49%	4 yrs, 10 mos
Amazon	$5,013.00	$6,000.00	83.6%	27.49%	2 yrs, 8 mos
Venture	$2,844.00	$7,000.00	40.6%	17.99%	1 yrs, 10 mos
Amex	$4,995.00	$8,500.00	58.8%	22.49%	3 yrs, 3 mos
QuickSilver	$729.00	$9,000.00	8.1%	22.99%	6 yrs, 4 mos
CareCredit	$0.00	$15,000.00	0.0%	21.49%	4 yrs, 9 mos
Total	$15,280.00	$50,450.00	30.3%	22.98%	$0.00

Re: How is APR/Minimum payments calculated

Anonymous — Sat, 16 May 2020 17:27:48 GMT

I'm sure someone who's much better at math than I am will come along and be able to explain it in more detail. The percentage should be listed in your card's T&C though.

Some credit card issuers calculate the minimum payment as a percentage of your total statement balance, including interest and fees, usually between 1% and 3%. The interst charged per statment will be based on the daily periodic rate.

Though this sometimes seem inaccurate to me since the minimum payment on several cards stays relatively the same whether it be $1K or $4K.

Re: How is APR/Minimum payments calculated

Anonymous — Sun, 17 May 2020 02:02:10 GMT

@Anonymous wrote:
I'm sure someone who's much better at math than I am will come along and be able to explain it in more detail. The percentage should be listed in your card's T&C though.

Some credit card issuers calculate the minimum payment as a percentage of your total statement balance, including interest and fees, usually between 1% and 3%. The interst charged per statment will be based on the daily periodic rate.

Though this sometimes seem inaccurate to me since the minimum payment on several cards stays relatively the same whether it be $1K or $4K.

Thanks... that is helpful.

My goal is to pay off my Amazon card in full and have $2000 per month go into savings.

Right now I am paying $1225/mo. towards credit cards (obviously thats way over the minimum) and $1000 towards savings...

so basically after taking the amazon card to 0 id need the minimum payments on the other cards to not top $225. im trying to do that math but its all over.