minimum payment amounts on credit cards?

Question

on average, besides those high amex cards that require u to pay evrything up front, whats the average u pay minimum per month? does it also what the credit limit is?

i was just curious what other people pay on minimum...i plan to trasnfer my fees to 1 card and pay it off there..paying far more than minimum payment for month...see my other question for details.

Answer 1

Minimum payments depend upon how much of a balance you carry on the card. If it is a zero balance then your payment is zero. Normally it is about 2% to 4% of the balance. It has nothing to do with your credit limit.

Answer 2

Hello. On average, credit cards charge 2% - 2.5% as the minimum payment on a revolving line of unsecured credit which is what a typical credit card is. The Credit Card Accountability Responsibility & Disclosure Act of March 2005 endorsed by the OCC (Office of the Comtroller of Currency) the Fed (Federal Reserve), FDIC and OTS (in other words most of the Federal Financial agencies), strongly suggested (they didn't make it law) that all minimum payments be increased to 4% by the end of last year (12/31/06). This occured because the practices of the credit card companies had made it almost impossible for ordinary citizens to pay off credit card debt with the existing formulas 5 years ago!

I am a financial counselor in the credit and debt industry and we have been expecting this to occur for years. I saw Bank of America do it more than a year ago. B of A now has all the MBNA accounts too. For planning purposes, consider your minimums at 4%.

I would like to point out a reality of mathematics. As long as you are making payments that are a percentage of the balance, you are paying on a formula designed to keep you in debt far longer than if you just picked a fixed amount to pay and paid it until the balance was zero. You can easily see this on a graph or by using a debt calculator. My online calculator is available on
http://www.woodlandfinancialwellness.com/calculators.htm

Good luck.

Answer 3

the minimum payment is based on what the balance of the card is. the more you owe, the higher the monthly payment. other things that can affect your payment is your interest rate & making sure all payments are on time. I have an amex card, the balance is about 300$, my payment for this past month was $15. it just depends.

Answer 4

No matter what the minimum payment is I pay $50 to $75 each time. That way I end up not paying on it forever. If the balance is less than $100 I pay it all.

Answer 5

it all depends. i have one card that has a $500 limit and the minimum payment is $10 every month nomatter what my balance is. and i have another that varies every month so i think it is a percentage of whatever the total balance is, like this month my balance is around $1000 and my min payment was around $30. each card is different!

Answer 6

Well isn't that enough, bad credit report? Hey Gregg told me I don't know anything, but I'm here to answer your question anyway! If you miss a payment, it might be a big deal, the CC company could change your rate, freeze your account balance, or nothing. Depends on their policies.

Answer 7

it depends on the credit card company and the amount, but it is usually 2% of your balance. Unfortunately credit card companies may start raising the minimum amount to 4%.

also there is a site where you can calculate your credit card minium payment amount.
www.csgnetwork.com/creditcardmincalc.html

Answer 8

$10-30

Answer 9

My American Express card DOESN'T TELL ME to pay the entire balance in full. Try talking to the creditor and explain your financial situation. Most of the time it , the others are $48-50 depending on the balance.

Answer 10

it depends on ur balance
i.e $500 balace = $25 minimum