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What is a credit card's normal percentage for minimum payment from your entire balance?
Most credit cards do not make you pay your balance in full each month. What, on average, is the percent of total purchases or balance that makes up your minimum payment?
Hi!
I'm seeing 5%..so I think that's about right. It's such a small part of the balance...and it's easy to see people who pay on these things forever and a day.
>>Interesting...Walmart has two:
Regular purchases=the greater of: $15 or 1/24 of the balance..rounded to the next dollar
Big ticket purchases=the greater of $10 or 1/40 of the balance.
justgetitright
I can not remember exactly when but believe that it was
the beginning of 2007 the minimum payment was increased
to 4%, prior to that it varied between 1% and 2%. That
created a long lasting and heavy burden on creditors and
and as defaults started to rise credit card companies
petitioned the government to change the rules of bankruptcy
making it harder for individuals to file, the government
made the requirement to increase the minimum payment
so that people actually had a chance to pay off their credit
card debt.
Wow, long answer to a simple question but I felt an
explanation was needed
Michaelsgdec
2 to 4 percent is normal in canada
aj485
It is usually about 1% of the minimum balance, plus interest and fees charged that month. For instance, if you owed $1000 at 24% interest and had a $5 fee, your minimum payment under this scenario would approximately be (1% * $1000) + (24%/12*$1000) + $5 = $10 + $20 + $5 = $35. (approximation is because your interest is actually calculated on a daily basis, not a monthly basis)
However, every credit card company has their own method of calculating a minimum payment, so you should ask to be sure.
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