if i pay minimum balance on credit card can i start using it again?

Question

i owe $160. if i pay minimum can i start using it

Answer 1

It depends on your credit limit. In most cases if you max a credit card out, even with a decent interest rate it will take you about 5 years to pay with minimum payments, up to 15 years with high interest rate credit card. You can use a credit card up to your credit limit at any time, as long as what you owe is less. But anybody that does not know these rules should not be getting credit cards, for their own sake, it can get you in a lot of trouble, especially with some of the shadier credit card companies.

Answer 2

It would be determined by what your credit line is with the company. If you owe $160 and have a $300 credit line, you could use the card, BUT if you have a $150 credit line and owe $160, your privileges are going to be blocked. Easiest thing to do is check in the "available credit" portion of your statement, which shows how much credit is available to you (before payment). Good luck!

Answer 3

Because this seems like an odd question im going to ask it....are you talking about an american express credit card? I had a problem with them once. I put 900 dollars on the card and then when i went to make another purchase i was declined. I called them and told them my limit was 3500 and why was i declined. They said i didnt have a credit limit and i had to pay the other balance first to show i did plan on paying. It was a very odd thing i thought and they are the only credit card to ever do something like that.

Answer 4

Yes, but just remember, you will be charged interest fees if you don't pay off the whole amount.

Answer 5

you can use your credit card are long as you have available credit that will exceed that of your minimal payment.

Answer 6

You may spend up to your limit...
note: that would not be smart.