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How are the minimum payments calculated for Gold AMEX?

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Frequent Contributor

How are the minimum payments calculated for Gold AMEX?

Hello,

 

I am recently added as an AU on my Dad's Amex Gold card - I have my own login and pay my own portion but I wanted to know the difference between the minimum payment and statement balance? Do I need to pay the statement balance by the due date or the minimum payment by the due date?

 

I was under the impression I had to pay off all charges and curious how this is calculated.

 

Thank you!

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Established Contributor

Re: How are the minimum payments calculated for Gold AMEX?

My minimum payment on my gold card has always been the same as the statement balance, I would personally pay the higher amount and keep track of your transactions so you know the true amount for next month.


Message 2 of 5
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Moderator

Re: How are the minimum payments calculated for Gold AMEX?


@mattayy wrote:

Hello,

 

I am recently added as an AU on my Dad's Amex Gold card - I have my own login and pay my own portion but I wanted to know the difference between the minimum payment and statement balance? Do I need to pay the statement balance by the due date or the minimum payment by the due date?

 

I was under the impression I had to pay off all charges and curious how this is calculated.

 

Thank you!


For Amex charge cards if the primary cardmember has POT (Pay Over Time) as an authorized user you may be seeing the option to pay charges of $100 or more over time.  There are interest charges if you do this, though, and for many of us the APR isn't all that great. 

 

Since your dad is the cardmember you might want to check with him and see if he expects the balance to be paid in full or if he's OK with carrying a balance.  For the latter he likely has better options.

Message 3 of 5
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Valued Contributor

Re: How are the minimum payments calculated for Gold AMEX?

This is how they figure minimum payment for regular revolvers. It might be the same, or not for POT.

The Minimum Payment is the lesser of (1) the total of (a) $10 + (b) Interest, Overlimit fees and Dishonoured Payment fees + (c) if applicable, installment amounts (including installment fees) charged on the billing statement + (d) any previously billed minimum payments that remain unpaid on the Closing Date of the statement OR (2) the entire new balance on the billing statement.

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Message 4 of 5
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Senior Contributor

Re: How are the minimum payments calculated for Gold AMEX?

If you're paying your own portion, then you wouldn't need to worry about paying the Statement balance or min payment. Unless you're the only one using said card. Just pay the total of the amounts that you charge. I'm sure the primary cardholder will know to pay off the rest.

 

If the min payent is lower than statement balance, it just means that certain portions have been moved to POT. Which most people ignore anyways, and PIF. 






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