I just got a second credit card to build up my credit. My first card is through my bank, and they are very flexible with minimum payments, due dates etc... My new card is through capital one , and was wondering does anyone know what percentage they usually charge as minimum payment?
2006-07-28 20:50:34 · 6 answers · asked by VL 4 in Business & Finance ➔ Credit
I'm not looking to only make minimum payments - just wondering what to expect before i use the card.
2006-07-28 20:58:06 · update #1
Hi Vegetable,
Cap one can be notoriously inflexible. Do not be even one day late.
The APR should be on the back of the offer letter you received, or on a separate dec. or disclaimer page.
About 4 to 6 percent of the balance.
~Trey
2006-07-28 21:13:49 · answer #1 · answered by ~Trey 3 · 16⤊ 3⤋
Your question is about the minimum payment, not the annual percentage rate. You can expect your minimum payment to be 2-3% of your balance, with a certain minimum (usually $10-15). Without reviewing your specific cardholder agreement, or contacting customer service, you'll not be able to be certain.
2006-07-29 05:07:04 · answer #2 · answered by spstecher 2 · 0⤊ 0⤋
depends on what your monthly bill is. I wouldn't go with Capital One. I dropped them because I was getting hassled non stop and they wouldn't stop calling me to bother me. Even with all my monthly statements paid in full they hiked my interest rate. There was a clause I read afterwards that said they could do it without notice. Needless to say I dropped them and they tried really hard to get me back. You only need one card. If you are trying to build up credit, pay the monthly statements in full and don't miss a payment. That is what helps your credit. You don't need a second one to do that. Dont just pay the minimum payment.
2006-07-29 03:56:56 · answer #3 · answered by wildhair 4 · 0⤊ 0⤋
It should say on your bill, or on your agreement with them. Read through it and it will tell you the APR they charge.
Just a little FYI...it's better to pay the whole bill if you can instead of the minimum to get credit. That way you don't have to pay the interest and that can really add up in the long run. Also, don't miss a payment!
2006-07-29 03:54:27 · answer #4 · answered by Alli 7 · 0⤊ 0⤋
It's best to call them. Warning! If you just pay the minimum you will be forever getting them paid. If you're late, they may increase your interest and may or may not tell you and on top of that there may be a possible annual fee and late fee. The increase in interest rate, the annual fee and the late feel could add up to quite a bit of money and you could end up paying 3x the original amount of the charges.
2006-07-29 04:06:40 · answer #5 · answered by tina 3 · 0⤊ 0⤋
look at your bill it will tell you the percentage rate
2006-07-29 03:55:33 · answer #6 · answered by Nicko912 3 · 0⤊ 0⤋