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.

    http://www.creditsense.com
     
  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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