Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [minimum-payment]

22 questions
14
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10 answers

Should I pay off the credit cards now or do the monthly payments thing?

I have 3 credit cards with a total balance of about $36k. Two of the cards are at 2% and the last one is at 0%. With the current payment structure, I'll be debt free in 25 months. I recently came into some money and combined with my savings I can…
NeedAdvice
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3 answers

Can a credit card minimum payment be less than the interest?

Answers given by someone else on this site indicated an assumption that minimum credit card payments were always at least the amount of interest that would be charged, meaning that the balance would always go down as long as minimum payments were…
DJClayworth
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9
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7 answers

Will be debt Free in 3 years -- What order should i pay off my cards?

I have budgeted to the point where i can close all credit cards i have in close to three years from now. My question is, should I simply pay 1/3 to each card (will be over minimum payment on all) OR should i pay the most i can to one card and…
Paymaster
9
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1 answer

Just noticed "Minimum Payment Warning" on my credit card statement. Did a law change or something?

I saw a new disclaimer on my credit card statement this month that is prominently displayed on the first page to the effect of: Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it …
JohnFx
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8
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6 answers

Paying over minimum monthly charge of credit cards

I have a $80 minimum on my credit bill. If I pay them $100, do the additional $20 go to the card's Principal or Interest? If it goes to Interest, do I have to explicitly state that those $20 go to Principal?
lamcro
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8
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3 answers

Are there contracts for fixed pay vs. fixed pay rates?

Are there any contracts that simply pay you when/if you finish a specific project with no mention of a fixed pay/hour? If so, does this mean you can get paid under minimum wage if you take too long to finish it?
confused00
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2 answers

Should I still pay the minimum amount due even if my outstanding amount is 0?

I'm using an ICICI bank credit card, and there are two amounts of importance that are visible on the online dashboard: Current Outstanding, and Minimum amount due. I did a transaction of Rs. 1500 on a trial plan and got it refunded in 14 days by…
SacredMechanic
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3 answers

Is the minimum investment the same as minimum balance for a mutual fund?

If my mutual fund's minimum investment is $10K, does that mean I can sell shares after a year and fall below $10K without penalty?
Chirag Patel
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Calculating the most optimal way to pay off credit cards

I have 3 credit cards which I am slowly paying them off. Card# Balance Monthly Interest Months to pay of Minimum Payment at current rate Payment 1 $15,904 $453 2% 35 …
NeedAdvice
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1 answer

Do automatic payments adjust to manual payments?

I had always paid credit card bills manually, sort of to force myself to keep an eye on things, actively. But finally I decided to set up automatic payments (for the minimum payment), as I had forgotten to pay a few times due to traveling or being…
Andrew Cheong
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Paying over the minimum mortgage payment

I have a mortgage with Wells Fargo which I just obtained a few months ago for a new home. Due to unexpected circumstances, I am no longer planning on staying in the home as long as I thought I would. I'm looking to unload in about one year. There…
blizz
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Can I draw funds from a personal line of credit to pay its own monthly "minimum payment"?

I can guess the answer to this question, but I can't figure out why. So here goes... I've got an unsecured line of credit with a limit $30,000. The annual interest rate is 6%, compounded daily. Every month, I am required to pay 3% of the balance as…
Gili
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What exactly are minimum subsequent investment requirements?

I was looking at some mutual funds that list amounts for "initial" and "subsequent" investments under the "minimum investment" category. At first I thought that the "subsequent" requirement meant that you had to invest at least that much every year…
Brandon
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Minimum payment criterion for credit cards

Is there a different policy that bank practice in generating minimum payment for a credit card balance? I have two credit cards with 0% interest APR going on both of them. I have similar credit card balance ( say for example X) on both the credit…
John
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Reporting a debt with $0 minimum payment on loan application

I am planning to buy a house later this year, and will be applying for a mortgage. I'm aware that part of the application will be reporting the amount I pay now for other outstanding loans (student loan, car payment, etc.). My understanding is that…
Darrick Herwehe
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