What Does 'Minimum Payment' In My Credit Card Bills Mean. What Happens If Pay Less Than The 'Minimum Payment'?
Answer:
Minimum payment is usually in the region of 5% of your credit card due for the month. Any
payment second-rate than that will ensure that you pay a late fee too. If you reason ‘Minimum payment is all that you are expected to pay, next God save you. Even if you pay the minimum payment of $50 on a bill of $1,000, within the next billing cycle you will be asked to pay the remaining $950 plus the interest on $950. So do not ever get into this minimum costs trap. It just sucks you into a whirlpool of credit card debt. Y
You usually get a hefty fine attached to your bill of $35 more for that month.
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