26.99% APR Question about minimum payment etc.?
Minimum payments are a complete waste. Every single time you pay less than the full balance owed you are giving money away to your creditor. $10.00 per month will not even pay the interest on your debt and you will waste a ton of money. If you were to pay $20.00 per month it would take you 68 months (over 5 years) to pay off your credit card and it would cost you $1360.00. Do you really want to pay the minimum and fork over $652.61 in interest charges to your credit card company? Making the minimum payment can keep you in debt for a very long time. Carrying a revolving balance from month to month is a bad idea. Paying only the minimum amount on your credit card can indeed worsen your debt rather than improve it. If you cannot afford to pay the full balance, you should pay as much as you can. The quicker you pay down your card, the less money you pay in finance charges. Consider the following example: A cardholder had $2,888.74 in charges If the cardholder made no additional charges on the card and only made the minimum payment ($28) each month, it would take 18 years to pay off this debt and end up costing $5,546.01. If the cardholder made no additional charges on the card and only made a payment of $95.36 each month, it would take 36 months to pay off this debt and end up costing $3,432.96. It's pretty clear from these numbers that making the minimum payment only is a very bad deal for the cardholder. I assume that's the point of the information -- to make people see what a bad deal it is to hold onto credit card debt and to get them to pay it off ASAP. BTW, this card has a 13.24% APR. The numbers would be much worse for a cardholder with a 15% or 20% APR. Your APR of 26.99% is astronomical so carrying a revolving balance will really hurt your wallet.
What will be my monthly interest and rough minimum payment on 19% APR with $4800 balance?
I am not considered in the short-term about the interest...my bigger concern is what will be my monthly minimum payment? Really hoping it is not over $300. I used it to close on a house and it was the only way possible to close...Bought privately from the owner.. Over $300 would be really bad....Around $150 would be perfect even if half or slightly more than half of the $150 was all interest. Maybe it varies card to card but if you could give me a rough estimate....It will probably be quite a few days before my balance is updated and the minimum payment appears...
Do you have to make minimum payments on 0% apr?
Assuming you have received an introductory offer on a credit card, you should carefully read the terms of the offer.As indicated by the other answers, a 0% APR offer implies only that there’s a 0% interest rate, but you are still required to make payments in accord with the terms of the agreement.You should be careful, though, to read what the terms of that agreement are. For instance, while most of these 0% offers are truly legitimate, some merchants will promise 0% APR, but to qualify for this, you must completely pay off the loan within the 0% APR timeframe. Otherwise, you are retroactively charged an interest rate, typically 24%.If you had one of these loans, having made a purchase for a few thousand dollars, and only paid off the mimimum amount each month, then you might find yourself unable to pay if off in full and getting back charged interest for 40% or more of the original amount. That is obviously no bargain.If you’re being offered a 0% APR on new purchases, even with one of the “legitimate” offers, don’t go crazy with this. It may be reasonable to, let’s say, buy furniture or appliances that are somewhat more expensive than you would usually spend, provided you can budget enough to pay it off witin the 0% APR period. But don’t trap yourself with a purchase that you can’t pay off within the 0% period, so you’re stuck paying high interest on a substantial portion of the price.
What would happen to you if you only pay the minimum payment due of a credit card for the rest of your life?
Whether this will work in a way that preserves your credit, depends heavily on the size of your balance, and your credit limit. Let’s say that you use the card only 1–2 times per month, for small purchases. In that cases, minimum payment will mean you are paying off all or most of balance.On the other hand, if you spend a lot more on the card, and just pay the minimum amount, your balance to limit ratio will likely be higher. That can hurt your credit. Also, remember that most credit cards are not “free money”, if you have a large balance, your interest payments will increase as well, at some point.What is the ideal balance to limit ratio? You want to do your best to keep your balance below 30% of your credit limit, and ideally, below 10%. If you can do this, while paying minimum amount, great.
What will my credit card minimum payment be? capital one mtv card.?
You can call and ask as it varies by credit card company. 2-5% is usually the minimum range but then there is usually a minimum dollar amount, usually $15-20. Please think about this. If you make minimum payments you'll be paying for Christmas presents for nearly 3 years and you'll have paid over $500. That's crazy. If you can't afford big presents, tone it down a little. Anyone worth calling your friend will understand if you can't buy expensive presents. It's the thought that counts and a smaller gift or homemade gift will do. Otherwise start saving your money through the year, $10 a paycheck. By the time Christmas comes you'll have over $200 saved. Christmas gifts are not a good reason to go into debt. Especially at 24.9% APR.
If I pay the minimum on my credit card every month (0% APR for 12 months), will my credit score go down?
It could, if using this 0% offer really hurts your credit utilization ratio. To determine what your CU ratio is, add up all your credit limits for all credit cards to find out your total available credit. Next, determine what you typical monthly spend is on all cards combined and divide it by your total available credit.You want your utilization ratio to be under 10%. If it's above 30%, your FICO scores are likely really hurting because of it. Source: http://www.creditnet.com/Library...
What is the minimum amount due of an HDFC credit card payment?
Thank you for the Ask to Answer Bhavana.The minimum amount due is usually a small percentage of the total amount due and will be mentioned on your credit card statement each month. It is the least amount of money you have to pay before the due date to avoid a late payment charge. Late Payment Charges on HDFC cards vary from Rs 100 to 750 (18% GST additional).However, do remember that paying just the minimum amount will only help you avoid late payment charges but you will still have to pay the interest on the principal amount that is due.For example if your total bill is 20,000 and there is a minimum amount due of Rs 1,000 before 15th January. If you pay Rs. 1,000 on 14th Jan and plan to pay the remaining 19,000 on 25th January, then you will also have to pay interest on this 19,000 for the span of these 10 days (16th Jan to 25th Jan). For most HDFC cards the APR is 40.8% meaning a 3.4% interest per month equating to in this case an interest of Rs 212 + 18% GST = 250 for 10 days on 19,000.If you plan to pay this 19,000 not on 25th Jan but on your next cycle then you will accumulate an interest of Rs 637 + 18% GST = Rs 752Moreover, paying just the minimum amount due affects your CIBIL score badly, something which you want to avoid if possible.So tl;dr : Please pay the full amount before due date. Min. amount due should only be for an emergency case.-Gunjeet Singh - Co-Founder @ GalaxyCard - Get a Credit Card in 5 mins
Does 0% APR mean I don't technically have to pay my monthly charges on a credit card (although I should) during the introductory period? I'm referring to the Chase Freedom card.
No. You must make the minimum payment or the card company can charge you a late fee or other fees. You just won’t be charged any interest on any remaining balance.
If I spend 2,000 on my credit card, what will my minimum monthly payment be?
0% APR for the first 7 months & then 18% APR after that ... can you give me an educated guess as to what my MINIMUM monthly payments would be? and what happens if you don't pay for a few months? My CC company says the charge is 39$ for a late fee... so if i dont pay for 3 months does that mean I will have to pay 3 minimum monthly payments plus 39x3?