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New "Minimum Payment Due"

March 13th, 2012 at 05:04 pm

I've been targeting CC1 - my biggest CC balance and also greatest interest rate card.

A year ago, when we owed a bunch of money, the minimum payment due was always about $100 plus interest charged for that month. As I've been making progress on it, that formula seemed to change, the minumum amount due was something less than $100 plus interest charged. In February it was just about $90 plus interest charged.

In February, through a combination of a balance transfer and a hefty payment, the balance decreasd from mid $7,000s to mis $3,000s. Now the minimum due is about $42 plus interest due.

I'll keep throwing as much money as I can toward this card. It's funny the mental games CC companies play depending on if you're paying the account slowly or quickly.

2 Responses to “New "Minimum Payment Due"”

  1. LuckyRobin Says:
    1331660682

    I don't think it's games so much as they charge a percentage of the total balance as the minimum payment (plus interest in most cases). Therefore if your balance goes down, your minimum naturally goes with it.

  2. Bob B. Says:
    1331692909

    Other cards are definitely a percentage, as you say. But this one's different. Not sure what the calculation is. I've been trying to figure it out.

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