When it come to credit cards. What does minimum payment mean?

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erin2see

When it come to credit cards. What does minimum payment mean?

heylover76

When you pay your credit card bill you have an option to either pay:

a. Full Balance (which I would recommend)
b. Anything above minimum payment
c. Minimum Payment - this is the smallest amount you can pay for that particular month. Note that when you pay minimum payments you are not just paying for the item you are also paying interest charge, which makes your purchase more expensive. That's why its better to pay it all at once.

dogbert1985

I advise you pay it in full.

ksntwb@sbcglobal.net

a minimum payment is what you HAVE to make. No less

ravencracks

the least amount of money you need to pay to keep your card available to transact.

BonesofaTeacher

It's the least amount of money you have to send them for that month to pay on your debt. Usually some percentage of what you owe. If you don't pay it you will be a late-pay and it will probably affect your credit rating in addition to making your bill higher in the long run because they charge higher interest rates if you don't pay on time.

meathead76

It's their way of tricking you into paying less than you should. If you make the minimum payment, you might as well bend over and grab your ankles because the interest on your balance is going to shock you.
Always pay the entire balance. If you can't, don't charge anything else until it's paid off.

obscuremagic

it means the least you are allowed to pay off in a month. like if your bill is 400 dollars, you might have a minimum payment of 10 dollars. that means that even though you CAN pay the whole 400 dollars off, or any amount up to that, you HAVE to pay at least 10 dollars-- a minimum of 10 dollars, or you get fined.

roddy70605

If you don't know what that means, it means you shouldn't have a credit card!!

Money Maven

you have to pay at least that amount to avoid being charged a penalty by the company.

jean

it's the least amount you have to each month, you'll never get out of debt if you only pay the minimum. always spent less that what you make and alway pay in full, never max out your credit, spent 20-30% of you credit limit is ideal

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