How does AMEX determine min payment?

Anonymous · ‎05-19-2015

So I just bought a camera from best buy! Absolutely love it! Purchased it cause I'm going on a cruise soon and wanted to be able to capture the trip.

I put it on my AMEX ED card. 0% until May of next year.
What will the min payment be each month? Or how is that determined?

Anonymous · ‎05-19-2015

@Anonymous wrote:
So I just bought a camera from best buy! Absolutely love it! Purchased it cause I'm going on a cruise soon and wanted to be able to capture the trip.

I put it on my AMEX ED card. 0% until May of next year.
What will the min payment be each month? Or how is that determined?

Straight from the T&Cs. Always the best source of info on your cards

To calculate the Minimum Payment Due for each statement, we start with the higher of: (1) interest charged on the statement plus 1% of the New Balance (excluding any overlimit amount, penalty fees and interest on the statement); or (2) $35. Then we add any penalty fees shown on the statement and 1/24th of any overlimit amount, round to the nearest dollar, and add any amount past due. Your Minimum Payment Due may also include any additional amount specified in a promotional offer. Your Minimum Payment Due will not exceed your New Balance. You may pay more than the Minimum Payment Due, up to your New Balance, at any time.

Anonymous · ‎05-19-2015

I have the everyday card that still has a couple months left at zero% and right now I owe 600 on it. The minimum payment is 35 and when I only owed 100 it was still 35. So if I hava a balance on the card I can expect at least a 35 min payment unless I owe less than the 35

What kind of camera did you get? Im looking at cameras later this week for a summer trip. Not sure what to get theres so many different options out there.

Anonymous · ‎05-19-2015

I went with the smallest dslr. I got the canon sl1. I used to have a Nikon D3100 but it was too big. I love this camera cheaper and more lightweight. Got it and 2 lens for only $550. Bestbuy has it on sale.

It's not the best camera out but for an entry level camera it takes amazing pictures and is smaller.

For a point and shoot I have and iPhone 6 that takes great everyday photos

Anonymous · ‎05-19-2015

That canon is a very good camera. If its the one im thinking of it uses the digic 5 image processer, 1080p etc so lots of good specs. Yeah theres always something new coming out but my favorite brand for taking photos and video of people is canon. Theres something about the canon look with a warm tone that I like.

Thats a good deal for 2 lenses and I think that one takes canon ef and efs lenses so there are tons of options out there for more lenses down the road if needed.

I used to be a Nikon fan but ive had much better experience with the reliability and durability of a canon. Not knocking Nikon but it was a night and day difference when it came to needing and not needing repairs with similar use.

Anonymous · ‎05-19-2015

Yea. The Nikon just felt so cheap. I've only used it once to play around but so far I love it. Great size. Very light. Feels very solid

I know nothing about photography but am watching YouTube videos to learn. Lol

Anonymous · ‎05-19-2015

One of my favorite lenses for close up type portraits is the canon 50mm 1.8 Its not the best lens in the world but I think brand new its around 100 and even cheaper for used. The 1.8 aspect of it is pretty good in lower light and gives you a blurred background if you want that shallow kind of depth of field. That may be something to look into down the road if you dont already have it. It doesnt zoom so its 50mm but decent for the price.

Theres a lot of youtube videos showing what the lens looks like

taxi818 · ‎05-19-2015

Well this is a tough question to say the least.

With Amex first of all the bare bones minimum will always be 35.00.

However from my own observation. it does not matter what kind of amex you have. as long as it is with centurion. i could be wrong. but i noticed it .

Examples below.

Balances as follow.

When i owed $999 or less. my minimum was 35.00.

$1000 to $1300. my minimum was $36.00

$1300-1600 my minimum was $41.00

$1601-$1800. it hit $48.00.

my balance never went higher than that. as i paid it all the way down to $360. last month. its back to $35.00.

Which my next 3x cli is in 2 weeks. hoping to hit the magic 25k. i hope this helps you op. good luck. no way to say what yours is as you did not say how much the ccamera cost. its not the 0 percent that counts. its the balance due. which determines the minimum. but i would never pay minimum on amex. red flags and bells will ring.

Anonymous · ‎05-19-2015

Thanks so much guys.
The balance is $660.
I might just pay it off. I want my 3xcli in sept so I might pay it down pretty quick