Minimum Payment

Discussion in 'Credit Talk' started by Tena Marie, Mar 28, 2001.

  1. Tena Marie

    Tena Marie Guest

    Do you guys know of a way of estimateing the minumum payment on a credit card.

    I want to charge $4000 and I'd like to know what the minumum payment would be around.

    $200? $300

    Is there some simple estimation formula?
  2. Gregory

    Gregory Well-Known Member

    Look at your cardholder agreement. It should indicate that your minimum payment is 2, 3, 4% etc. of your balance.
  3. sam

    sam Well-Known Member

    $20 per $1000 is pretty nominal (2%)

    I think you can math out the rest :)

    of course if you've got a 24% apr card, you'll be expected
    to pay more than 2% :)
  4. Tena Marie

    Tena Marie Guest

    Thanks Greg.

    I'm at work do you know the standard for Providian accounts?
  5. Gregory

    Gregory Well-Known Member

    I think it's 2 or 3% of the balance
  6. ble103

    ble103 Guest

    Also you can take the outstanding balance,and devide it by 48,or 50.This is used by citibank,AMEX just to name a couple of banks that uses this method for figuring the minimum due amount.
  7. creditwork

    creditwork Well-Known Member

    Do not make minimum payments on credit cards. You'll pay too much interest. Always make large payments and make them early to improve your credit rating.
  8. RichGuy

    RichGuy Guest

    For a Providian account, the minimum payment would be 3%, which is $120. For most other bankcards, either 2% ($80) or 3%($120.) For Citibank, it would be $83.

    Make sure you're using a bankcard, and check the account agreement you received in the mail. The minimum payment on a store card could end up being $300 or $400 per month.

    BTW, are you sure you want to use up so much credit for a single purchase? Then you won't be able to use it for other things.

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