My Capital One card. What is my minimum payment that I must make monthly so I don't have to pay any late fees? Is my minimum payment at a fixed amount or does it increase the more money I owe?
2006-08-09 14:52:17 · 12 answers · asked by lumi 4 in Business & Finance ➔ Credit
Why are you asking here? Ask them!
2006-08-09 14:56:05 · answer #1 · answered by Anonymous · 0⤊ 1⤋
It's in the information sent to you when you got the card. There are several levels of Capital One cards. There's no way anyone here would know. Call the number on your card or statement and ask how your minimum payment is calculated.
Word of advice, make MORE than the minimum payment or you will either 1) never get it paid off, or 2) paid several times the balance in interest before you do.
If you can't, you're not using your credit responsibly and should get rid of the card.
2006-08-09 16:05:50 · answer #2 · answered by misslabeled 7 · 0⤊ 0⤋
Your minimum monthly payment usually comprises of the interest for the period based typically on the average daily balance and some principle. Also, the minimum payment will typically not go under a specified amount in your contract.
Now as others have mentioned, the minimum payment typically comprises of 2% of the balance (principle) plus the interest. It's stated in your contract.
If your minimum payment floor is $20 :
2% + Interest less than $20 then you will pay $20
2% + Interest greater $20 then you will pay that 2% Plus interest AMT.
I hope that helps.
2006-08-09 15:59:01 · answer #3 · answered by Jesse 4 · 0⤊ 0⤋
It should be a fixed amount (Capital One between $10-$15). Minimum payment usually increases depending on how much you owe and if you're over limit. Just make sure to always pay more than the minimum, even if it's just $5; makes you look better.
2006-08-09 14:58:15 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Read the fine print
They reserve the option to adjust the minimum payment with a proper notice(reads: next billing statement). The same is written in small print about the interest rate they charge you.
so if you borrow $1000 on your card, and minimum is currently 2.5% the payment is $25
what if alot of people file bankruptcy or stop paying? they could then raise the minimum to 15% or something and wham, now your payment is $150. maybe they will also jump your interest rate to 27%?
beware, alot of people are going to have a hard time paying their bills and they'll get their money from 'someone'(reads:you)
2006-08-09 15:24:50 · answer #5 · answered by -* 4 · 1⤊ 0⤋
There is no fixed amount. The minimum payment is a percentage of what you owe. Try to pay something more than the actual minimum. Paying a couple dollars more will save you tons in interest. Capital One does not report unless you max you card out. If you max your card out, make sure you have enough money to make a big payment, so the interest isn't crazy.
P.S. don't be late with cap one. they will jack your interest super high and will not reduce it until a year of perfect payments.
2006-08-09 15:22:04 · answer #6 · answered by bella_4624_19 4 · 0⤊ 1⤋
The minimum will go up the more you owe them. To avoid late fees, pay on time or early.
If you are paying only the minimum, it will take a long time before it is paid off. You would be surprised what difference $10 or $20 dollars extra a month makes in your bill.
2006-08-09 15:01:06 · answer #7 · answered by Scott E 3 · 0⤊ 0⤋
They charge you by what you owe. The more you owe the larger the minimum will be. You should get a statement stating what the minimum will be. It is usually 2% of balance, but you need to check your agreement. Also read the book "Total Money Makeover" by Dave Ramsey. It will show you some surprising things about money and credit.
2006-08-09 15:00:11 · answer #8 · answered by pappa_15 3 · 0⤊ 0⤋
You can view your statement online at www.capitalone.com and log in. Your minimum payment is based on your balance owed, available credit and interest rate - a factor including all of these. Only they can tell you the min payment, hon.
2006-08-09 14:57:07 · answer #9 · answered by Anonymous · 1⤊ 0⤋
They provided you this information before you even applied for the card. The information can be found online, on your bill, or by calling them.
2006-08-09 15:39:33 · answer #10 · answered by mom2babycolin 5 · 0⤊ 0⤋
a fixed ammount usually it is 20
2006-08-09 15:06:21 · answer #11 · answered by lt6118 1 · 0⤊ 0⤋