Do you know if there is a minimum that Amex LOC charges on your monthly statements? I know I read 3% of the balance somewhere, my friend just got her statement, balance 500.00, states min payment is 35.00. So is 35.00 the standard payment and anything over 35.00 is then 3%?? Thanks
The minimum payment for the AMEX LOC is 1/36th or the outstanding principal balance or $35.00, whichever is greater, plus any applicable fees. If you new balance is less than $50.00, the entire balance must be paid.
Mom, I'm afraid I can't help with that, but seems you still got an answer. My Amex LOC balance has never gone above $0.00 Saar
For those of us on the metric system, 1/36 of your balance works out to 2.77%. If the minimum payment is 1/36 or $35, then the payment would be $35 unless your balance exceeded $1260, and then would be 2.77% of the balance.
