The minimum payment on a credit card is usually defined as a percentage of the
balance, usually between 2% - 5%. It might also be defined as a percentage of the
balance plus the interest such as "interest plus 1% of the balance". When the
balance is
low, there is also usually a minimum fixed amount (typically $15)
Minimum Payment
The minimum payment on a credit card is usually either a percentage of the
current balance (2% - 5%) or a fixed dollar amount (like $15.00), whichever is
greater. The minimum payment might also be defined as the interest plus a percentage
of the current balance. Check the fine print on your credit card agreement to
determine how your credit card company defines the minimum payment.
Fixed Monthly Payment
If the fixed payment is the same as or greater than the first minimum payment,
you will generally pay off the credit card much sooner and pay much less interest
overall.
What will be my MINIMUM Payment?
Will The Minimum Payment Fit Within The Budget of My CASHFLOW?
Credit Card #1
Credit Limit
$
Balance (The USED Amount of the Credit Limit)
$
(APR) Interest Rate
%
%Percentage of the Balance
%
Minimum Payment for Low Balance
$
My Minimum Payment Will Be
$0
Items That I have financed #1 (Like Appliances, Furniture, Jewelry & etc.)
Credit Limit
$
Balance (The USED Amount of the Credit Limit)
$
(APR) Interest Rate
%
%Percentage of the Balance
%
Minimum Payment for Low Balance
$
My Minimum Payment Will Be
$0
Credit Card #2
Credit Limit
$
Balance (The USED Amount of the Credit Limit)
$
(APR) Interest Rate
%
%Percentage of the Balance
%
Minimum Payment for Low Balance
$
My Minimum Payment Will Be
$0
Items That I have financed #2 (Like Appliances, Furniture, Jewelry & etc.)
Credit Limit
$
Balance (The USED Amount of the Credit Limit)
$
(APR) Interest Rate
%
%Percentage of the Balance
%
Minimum Payment for Low Balance
$
My Minimum Payment Will Be
$0
Credit Card #3
Credit Limit
$
Balance (The USED Amount of the Credit Limit)
$
(APR) Interest Rate
%
%Percentage of the Balance
%
Minimum Payment for Low Balance
$
My Minimum Payment Will Be
$0
Items That I have financed #3 (Like Appliances, Furniture, Jewelry & etc.)
