 Should I file a dispute with my credit card company? |
Here's the story:
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chgriffin85 | What does it mean when they ask you to pay the minimum balance due on your credit card? |
I just got my first ever credit card and am expecting my first bill next month. My credit card company says that I'am expected to pay the minimum amount, I'm new to this so can someone explain or give me an example of what they mean by paying the minimum balance? |
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Miss L
 |
Well...
It means that is the minimum amount that they will accept for that month.
If you ONLY pay the minimum, next month you will have a balance (meaning the remaining amount that you owe PLUS the interest).
You really should make it habit to NOT keep balances on your credit cards. |
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Jules
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You have a few options when you make your payments; to pay the minimum, full statement balance or another amount (must be greater than minimum). Your minimum is normally about 2% of your balance or 1% plus any fees or charges, that is the amount you must pay in order to keep the account in good standing; if you pay less it will be considered late and you will get a late fee, plus run the risk of the apr increasing on your account. If you just pay the minimum each month, or less than the statement balance you will have a revolving balance from month to month and accrue finance charges that will be based on the apr (annual percentage rate) on the account. |
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patrat
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The minimum balance is what you have to pay each month, or else you will be assessed a late charge (which is usually around $35). The rest of it you don't have to pay, but it will accrue interest at an outrageous amount, and you will be sorry. Your minimum balance will go up each month if your total amount due goes up (including any new purchases, and purchases not paid off the previous month, as well as accruing interest). |
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little78lucky
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its the minimum amount of payment they will except in general if you only pay the minimum amount it will take 10-30 years to pay off a small balance and you will pay a fortune in finance charges..this is where credit card companys make the big money..you should ignore the minimum amount and pay the largest amount you can if not the whole balance to avoid paying a lot of finance charges |
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Asile
 |
Simply put, the minimum balance is what you MUST at least pay for that billing period (statement/bill -=same thing).
Say you buy stuff accumulating to $500 in july.
On your August bill, you will see the current $500 balance, and a minimum payment due. It’s almost always $10. (for higher balances, say like $2000- they can be anywhere from $40-50 depenping on how high the APR is)
You choose to pay $20, because that’s what the minimum required is for this billing period.
****IF YOU SIGNED UP W/ 0%, THEN STOP READING, AND DON’T WORRY ABOUT THE FOLLOWING TILL THE NEXT YEAR :p***
First time credit users usually get anywhere from 21.99% -29.99% Yearly APR. (so if you take your [supposed] 21.99% yearly APR and divide it by 12 months, you’re looking at about 1.83% in finance charges (of your balance) EVERY month that you have a balance.
It gets hard to try to bring your balance down. Every month that you don’t make a bigger payment, you’re paying MORE in finance charges. It will say right there on your statement how much you are paying in finance charges for that month.
I always say that if you have a small $100 balance, that it’s not big deal to make the minimum payment- but if you’re looking at 500+, then it starts to hurt. It feels like your balance never goes down if all you do is pay the minimum. |
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Dawn K
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The minimum balance due is just that, the amount on the statement that says "minimum balance due." It's a percentage of the total amount owed. If you pay that amount, you will probably just keep generating debt. In order to handle credit accounts effectively, it's best to pay the entire balance or decide how long you want to take to pay off the entire amount and then divide the amount over that time. For instance, if you owe $600 and you want to pay it off over six months, then you should pay $100 a month, plus the monthly interest that is charged in order to reach your goal. Any source you consult will advise you against paying just the minimum balance due. It's just not a good idea unless you're particularly strapped that particular month. |
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frankie b
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wow |
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shelcom
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Wow. The minimum balance is the least they will accept per month. It's on your statement. |
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Santa Claus
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The minimum amount due is either how much you owe, or a low rate that the credit card has set, which is often as low as $10. This means that no matter how much you owe, you can just spend $10 a month. They do it this way so you will accumulate lots of interest and be in dept to them for the rest of your life. When you get the bill it will show the minimum amount due. I suggest you pay as much as you can every month to keep your interest rates low. |
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