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How does AMEX determine min payment?

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Regular Contributor

How does AMEX determine min payment?

Are business card minimums calculated differently?

I chatted with some AMX rep today and asked him about this, he gave some long winded figures that looked like NASA rocket calculations, no idea what all that meant, didn't go into it with him as I had a bunch of other questions for him. Thanks


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Moderator

Re: How does AMEX determine min payment?

This is provided as part of your cardmember agreement which would have been sent along with your card. 

 

If you review the Card Agreement: Part 2 of 2 section, it references a sub-section under "About your payments" > "About your Minimum Payment Due".  It is a handy piece of information which highlights what it is made up of and how it's calculated.

Message 2 of 6
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Frequent Contributor

Re: How does AMEX determine min payment?


@Shoot2Thrill wrote:

Are business card minimums calculated differently?

I chatted with some AMX rep today and asked him about this, he gave some long winded figures that looked like NASA rocket calculations, no idea what all that meant, didn't go into it with him as I had a bunch of other questions for him. Thanks


Are you asking because your min payment doesn't seem right to you, based on what your personal card min is?  Is it higher or lower based on similar balance?  I'm asking because I recently obtained a few AMEX business cards, but have yet to use them and so have a bill, so I'd be curious in knowing.

Message 3 of 6
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Senior Contributor

Re: How does AMEX determine min payment?

Lol!  This a first.......Why would you care about how a minimum payment is calculated?  

 

The answer is yes they are calculated different than personal cards and secondly you would pay interest.

 

 


Personal Cards: Amex Plat | Amex Delta Res | Amex Hilton | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 4 of 6
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Senior Contributor

Re: How does AMEX determine min payment?

How they figure the minimum payment never even mattered to me, since I pay more than that amount. 






Message 5 of 6
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Established Member

Re: How does AMEX determine min payment?

I’m not for certain, however I’d guess and say somewhere in the neighborhood 1% of your loan balance. At least that what mine have been. **Note - My balances on these business cards have all been (and currently still are) within the 0% Intro APR period. That’s the only reason I’m carrying a balance. These min. payment amount numbers that are being offered by the bank may be artificially low on purpose in the hopes that that’s all I will pay and will end up having a huge balance at the end of my intro APR.





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