What does Minimum payment in your credit card bills mean What happens if pay less than the Minimum payment?
Minimum payment is usually in the region of 5% of your credit card due for the month. Any payment lesser than that will ensure that you pay a late fee too. If you think ‘Minimum payment is all that you are expected to pay, then God save you. Even if you pay the minimum payment of $50 on a bill of $1,000, in the next billing cycle you will be asked to pay the remaining $950 plus the interest on $950. So do not ever get into this minimum payment trap. It just sucks you into a whirlpool of credit card debt.
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- What does Minimum payment in your credit card bills mean What happens if pay less than the Minimum payment?
