What is the minimum credit card payment?

Demosthenes asked:


How is the minimum credit card payment determined and how long would it take to pay it off?

Doris

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3 Responses to “What is the minimum credit card payment?”

1. wildeink Says:
   July 16th, 2009 at 7:24 pm

   Tamara

   Generally, the minimum credit card payment is the interest accrued during your previous statement period. Basically, if you only paid the minimum, you would never pay off your credit card bill. You should always strive to pay more than the minimum if you can’t pay the entire balance.

2. physicist Says:
   July 19th, 2009 at 8:57 am

   Christine

   It is usually equal to the amount of interest from the average daily balance, plus 1 or 2 percent of the principle. The cardmember agreement should say what the minimum is and how it is determined. Paying the minimum will take about 10 years to pay off.

3. Mike E Says:
   July 20th, 2009 at 1:51 pm

   Constance

   The amount specified by the bank or lender.