I am wondering if credit card companies are willing to decrease the minumum payment percent. Most of the cards I have use 2% of the balance as the minumum payment. However, I have one the requires 2.7%. Can they make the percent lower if I ask?
Generally the only way they will lower the minimum payment is if you are in financial trouble. As a rule, I generally suggest you pay at least 10% of the balance each month. Regards, JP
JP, totally agree. You should avoid making just the minimum payment. If you just make the minimum payment, it could take a lifetime to pay your debt off and you will pay a lot more in interest than the principal amount. The 10% rule works great. Profit from the experience. http://www.creditsense.com
Actually, I usually pay well over the minumum payment. This card is from my local bank. When I finish paying off all my debt, this is the card I want to keep. However, I want to pay off the card with the highest minimum payment percentage payment first, and this happens to be the one with the highest minimum payment percentage. I would like to pay the minumum on all but one card (until I get that card paid, then I will move to the next card) It is not a question of me not being able to pay it. Also, I need to decrease my debt to income ratio in order to obtain a private education loan so that I can finish my degree.
Pay off the card with the highest interest rate first! Why are you looking at paying off the highest minimum payment card first??? This should be a no brainer!
I have an Aria card with a $1000 limit and I have used that limit up. They ask for $5 minimum payment, LOL if I sent them the $5 they wanted as a minimum payment I will be paying this card off after my great grandchildren have children. (I'm only 23) So what I do is give them like $50 or $60 instead of the $5. I'm surprised they just wanted $5. LOL
Of course those crooks want only $5.00 if you understood how accounting proceedures in a bank work. As long as your payments are made you are a good account. Your also paying 25% or so interest rate. So make the payments and your an asset, enriching the banks profit statement. All this is is a creative bookkeeping trick!
