what is the minimum i have to pay on my credit card?
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Credit card issuers tend to set minimum payment requirements at rock-bottom levels. You'll generally owe either a fixed amount — often $25 — or a percentage of the balance, whichever's greater. Some cards require you to pay only 1% or 2% of the balance each month, plus any fees and accrued interest.
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The 'Minimum Amount Due' is the minimum amount you are required to pay, on or before the payment due date, to maintain your card account in good standing. By calculating a minimum amount, the bank ensures that you are able to repay a portion of the principal outstanding every month.
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If you have a credit card, your minimum payment is the smallest amount you must pay back each month to avoid late fees and charges. ... If the minimum payment amount is all you pay each month, it'll take much longer to clear your balance and you'll need to pay extra because of interest.
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The Navy Federal credit card minimum payment is 2% of the balance owed or $20, whichever is greater. That's a guideline, but you can look at yours on your monthly statement, at https://www.navyfederal.org/ or through the Navy Federal Credit Union app.
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If you have a larger balance, for example, $5,000, your credit card's minimum monthly payment will likely be a percentage of the outstanding balance, usually 3%. ... For example, if you have a $100 balance on your credit card, your minimum payment would be $10 using the flat rate method, or 3% of $100, which is $3.
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A credit card minimum payment is exactly what you'd expect: it's the minimum you must repay to your card provider every month in order to avoid extra charges. Your monthly minimum payment is worked out based on your credit card's interest rate (APR) and the amount you have borrowed.
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The Discover minimum payment is the greater of $20, 3% of the full balance plus any past-due amount, or $15 plus new interest and late fees. If the entire balance is lower than $20, then the balance amount is the minimum payment. The Discover minimum payment calculation is a bit unusual.
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Minimum amount due. As the name suggests, it is the minimum amount you are required to pay on or before the payment due date to maintain your card account. It is only a small portion of the principal outstanding every month.
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The Lowe's Store Card minimum required monthly payment is either 1% of the balance or $25, whichever is greater.
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Instead, you can pay a lower amount, called a minimum payment, which may be around $25 (but could be much higher). Keep in mind, though, that you may be charged interest on the balance, or amount you don't pay off each month.
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The minimum payment we ask for is charged on a monthly basis and is the higher of £25 or the total of: • any interest charged; plus • any default charges payable; plus • Payment Protection Cover / Credit Card Repayments Cover if any; plus • X.
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The minimum amount due is 5% of the total outstanding amount. If you have converted any payment on your card to EMI, that amount is also added to the minimum amount.
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If you opened your account after December 2010 or selected "Don't know", the calculator assumes that your minimum payment will be the greatest of: £5 (or the total outstanding balance if it's less than £5) 2.25% of your main balance plus any purchase plan instalments due for that month (if you have a plan)
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Some credit card issuers calculate the minimum payment as a straight percentage of the balance at the end of your billing cycle. This percentage is likely to be higher than in the above scenario, maybe between 2% and 5%, and it will be applied toward both your principal and interest charges.
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If you only make the minimum payment on your credit card balance, it will take you 20 years and 11 months to clear it off in full, and during that time, you'll pay $5,983.91 in interest – more than the original balance!
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The Bank of America minimum payment is $25 or 1% of your balance plus interest and late fees, whichever is more. But if your total balance is less than $25, your Bank of America minimum payment is the entire amount. All Bank of America credit cards use this same minimum payment structure.
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As the name suggests, it is the minimum amount you are required to pay on or before the payment due date to maintain your card account. It is only a small portion of the principal outstanding every month. Typically, the minimum amount due is calculated as 5% of your outstanding balance.