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anyone who knows their stuff about credit cards help!(minimum payment)?*

Ok so I have a card with a 800$ limit. if i spend say 400$ how much do you think my monthly minimum payment will be? i have a 0% intrest rate for 6 months.. thank you!

Answers:

1) minimum payments on credit cards are usually 3% of outstanding bill or 5$ which ever is greater. During the interest period you will probably pay 5$

2) depends what your bank requires..commonly asked is at least 5% of your owing amount, which will make it $20 (5% of $400)

3) Typically the minimum payment is 3% of the balance. But paying only the minimum is a very bad habit to get into. Credit cards are NOT good long term financing. If you charge $400 on a 0% interest for 6 months card, your minimum payment should be at least $67 tp make sure you pay that $400 off in the 6 month period. The best way to use a credit card is to charge only what you can afford to pay in full each month. That way you save interest, stay out of debt, and build a good credit history.

4) Depends on your cc card company. Most cc do not work with the flat minimum payment anymore . Most charge 10% of balance which is fine at first but quickly goes up if you become late or become overlimit which will also be included in your minimum payment. EX : Late fee 39.00 +10.00 min payment 49.00 min payment for next billing period. Pay at least 25.00 for that limit and on time. Otherwise 0 %can quickly become 32.99%

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