How much is the average minimum payment for a credit card?
Usually 10 - 15 % of the balance. If you want to make sure that your credit and credit score continues to increase each month then follow these steps: 1) Stay below 50% of the High Credit Limit on your revolving accounts (credit cards). For example: If you have a Discover card with a high credit limit of $2,000 stay below $1,000 as your balance and make the minimum payment each month. You can also pay this account in full each month if you are using it on a regular basis. 2) It is important that you have active credit. Credit cards that you are using on a monthly basis, and making on time payments on. The activity of these payments, and staying below this limit will increase your score. Remember, never borrrow more than what you can afford! Credit is there to help you not hurt you. Good Luck!
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Is it better for your credit to pay the balance on your credit cards in full or make the minimum payments?
Utilization is the word in the credit industry. This term describes the ratios and percentages of credit usage as compared to your credit limit. Since your credit file and score have no data on income, this is the only way for the complex credit scoring program to determine how much of your money yo…u spend each month. The target range for maximum scores is two to four revolving accounts. They need to be used (charged on) each month and they MUST be paid on time. Charging no more than 30% of WHATEVER your credit limit is, and paying on the account in a timely manner can add 30 points to your score. For the purposes of obtaining a higher credit score, it doesn't matter whether you pay in full or make the minimum payment. Paying ON TIME is what is important. (Budget and financial considerations are another matter entirely. Paying the minimum payment on even a $3000 balance can cause consumers to pay thousands of dollars in interest and take years to pay the balance off.) . If you the pay the balance off continuously then you stand to get a few more perks from your credit card company (like the Gold Card), but there is nothing wrong with paying the minimum payment. Unfortunately, the longer it takes you to pay off your credit card debt the more interest you will be charged (which is over 19% in most cases.) If you have a good credit rating, please check out some other Credit Card Companies as many have lower interest rates. . From what I understand, the best way to increase your credit rate (by means of cards) is to maintain a small revolving balance. You have to use each account every month, but you shouldn't pay off each one in full every month. Reason for this is that card companies report to the bureaus once a month after receiving your payment. All they look at is your limit, balance and timeliness of payments. If your balance is $0 every month on each account, then you're not showing any activity. If you always maintain a balance of at least a dollar, this shows the bureaus that you're actually using your accounts and paying interest (very little at $1). . ( Full Answer )
If you cannot pay the minimum payment is it better to make a less than minimum payment or just not pay at all Also how long will it take a credit card company to take legal action in either case?
Answer . \nThe best option is contacting the creditor(s) and hopefully reach a compromise. Some creditors are willing to work with a consumer who is having financial difficulties, other's are not so "friendly". A creditor will generally keep the account on their books for 180 days from DLA. Gene…rally after ninety days of delinquency the account will be referred to a collection agency. After the 180 days have expired the creditor will "charge off" the account and make a decision on what further actions will be taken. That might mean the continuation of regular collection methods, the account being sold to a third party, the account being referred to an attorney/law firm to pursue legal action and so forth. ( Full Answer )
If you pay the minimum payment will the credit card company accept this and will the interest remain high with minimum payments?
Answer . Worst situation in the world to be in. You don't have enough money to pay balance in full right? Bad news, you need to do just that. Get rid of it now. Do whatever you have to. Don't pay minimum. That is just a guide and not meant to pay card off within any period of time. They have no o…bligation to lower interest or payments. In fact they have you exactly where they want you, high interest, high late fee and past due fees.. Alternative Answer. If you can't pay it off, transfer it to a 0% card. See this website:. http://www.stoozing.com/ ( Full Answer )
What can you do if you're trying to pay off credit cards but the minimum payments are so high that you can't get ahead the credit card company will not lower the rate despite on-time payments?
Answer . If your credit is good enough you can apply for a signature loan or "consolidation" loan at your bank to pay off the credit card and just make the loan payment. That is what I did with all my credit cards. If your crfedit is not in that good of shape then you can try a debtr consolida…tion company like Consumer Credit Counseling or you can try a Debt Negotiating company. The difference between the two are that with a consolidation company, you send them so much money and they split it between the creditors. With debt negotiation...you put money in a savings account and when you accumulate so much money the company will negotiate with your creditors to get them to except less than what you really owe. ( Full Answer )
Can you be liable for someone else's credit card debt if you made their minimum payment every month out of your checking and you weren't a joint card holder?
Answer . No. Someone who pays the debt or an authorized user are not liable for the debt. Only someone named as a joint account holder can be held liable.
Can you be held liable for a deceased credit card debt if you made the minimum monthly payment for them and were not a joint holder?
Answer . \nNo, making a payment(s) on someone else's debt does not legally obligate the payer to continue to pay or to assume the debt as his or her own.
Can someone be sued if they have a credit card with a 20000 debt and they close the card and they are making payments but the payments are less than the monthly minimum?
Answer . \nYes. Once a contract has been defaulted upon the lender can take whatever action allowed under the laws of the debtor's state to collect the debt. \n. \nIt is unlikely the lender will sue as long as the debtor continues to pay unless the amount is only a token one, for example $10.00….\n. \nThe account balance will continue to mount significantly due to penalties and interests even though the account has been closed, resulting in an even larger debt. ( Full Answer )
If one had a credit card balance of 400.222 at 21.99 interest and paid only the minimum payment how much of the payment would actually go to the principal balance and how long would it take to pay it?
Your current payment is $16.00. If you continue to make the minimum payments it will take you 4 years and 8 months to payoff this debt. The total interest paid will be $214.24
Answer . If you are paying less than the minimum, then you risk all sorts of fees imposed by the credit card companies. If you cannot afford the minimum, call them up and ask for a lower minimum, interest rate, and see what deal they can work out for you. They just need to know that you will not… completely ignore your debt and that you plan to pay.\n. \nNote about credit card companies: They love it when you don't pay off your cards, they make a load of money off interest and fees. The rule of 72 would be an interesting thing for you to learn. Take your interest rate and divide into 72, that is how long it will take the credit card companies to double their money off your credit card balance. For example; lets say you have a $5000 balance and your interest rate is 12%. Your balance will double in 6 years if the balance stays at $5000. Making only minimum payments barely chips away the balance, you are paying mostly interest with a couple of dollars towards the principle.\n. \nWord to the wise: get credit counceling and get out of debt any way you can. Consolidate your bills, but don't use a credit consolidator (they charge money and can hurt your credit - even though they say they don't).\n. \nFinal advice: Read "Smart Couples Finish Rich" or "Smart Women Finish Rich" by David Bach. You can learn to pay off debt and save for retirement at the same time. ( Full Answer )
Your credit gets shot to hell (forget about that new car or house), You will not be considered for any loans till youre credit worthy (paying all your debt off and time passing), and eventually they will report you to a collection agency which in time WILL find you (when you try to apply for some cr…edit somewhere else) and start garnishing upto 10 percent of your wages including added up interest (could be costly). Then once they got their money they leave a bad remark on your Credit. Which will cost you more money for someone to clear for you! So my advice (speaking from experience), Pay all your bills before the due date and try to pay a little more than the minimum!Good Luck with That........ ( Full Answer )
In Ohio can you be liable for someone else's credit card debt if you made their minimum payment every month out of your checking and you weren't a joint card holder?
Answer . \nNo, it does not make the non account holder legally obligated to continue payment nor assume the debt.
Most credit card issuers have moved to a monthly minimum payment due of 4% of the outstanding balance. For a $50,000 balance this would equate to $2,000. Some issuers only require 2% or 3% minimum payments, which would equate to $1,000 or $1,500, respectively. You would need to check with your credi…t card issuer to determine their particular minimum payment requirements. Check out CreditCards.com/calculators.php to look at different scenarios. ( Full Answer )
Answer . One can pay the minimum balance, usually a fraction or percentage of the total amount owed. As long as you meet this minimum amount faithfully, the credit card company will absolutely love you to bits. You see, by paying the minimum, you are only filling the pockets of the corporation t…hat issued the card - your balance, if pretty high, could take up to 20 years to pay off by just making the min payment. Best advice on CC's - pay the entire bill when it becomes due ... protect your good credit rating, and build better credit history, too. ( Full Answer )
Answer . well if you know when your going then pay them ahead of time if not then either someone has to handle all your business transactions for you.
To accept credit cards you will need what is called a merchant account. A merchant account is basically a relationship between you, the bank ans a merchant services company. There are 3 types of merchant accounts, Internet, Retail and wireless. Internet merchant accounts are obviously for inter…net stores. Retail merchant accounts are for business with a storefront were the customer pays you in person. Wireless merchant accounts are for business such as taxicabs, tradeshows, etc who process credit cards in person but not at a store or physical location. ( Full Answer )
When you use a credit card to purchase something, you are making yourself a loan through the credit card company. You have to pay the company back for this loan at the terms you have agreed to when you signed the application for the card. If you make a payment in full when you receive your monthl…y bill, there will be no additional amount due, no interest, and usually no handling fee. When you make a partial payment, whether it is the minimum due, or a larger amount, the company will charge interest, and perhaps a monthly fee, which will be added to the next monthly bill. As long as the amount you pay is less than the amount due, you will continue to be charged interest every month, based on the balance remaining. If you pay the entire amount due at the end of the month, there will be no new interest charges. There might be a small amount of interest on the previous balance. Often, if you call the company and point out that you paid the previous bill in full, they might waive the final interest due. ( Full Answer )
\nPay it off just as fast as you can. If not, they will charge up to 21 percent interest. You most likely can get that type of loan from the local mob or street gang.\n. \nIf you cant pay it off when the bill comes in dont use the credit card until its absolutely necessarg.\n. \nGL. May be easi…er said then done. ( Full Answer )
When you pay more than the minimum payment on a credit card how do you know it's going to the principal balance?
Answer . It is actually quite simple. Any amount that you pay that exceeds the finance charges and any fees included within that minimum payment goes toward the principal. In addition, 100% of the overpayment goes toward the principal balance. In other words, if you make just the minimum payment,… a few bucks might go toward the principal balance. If you pay $20 above the minimum payment, all of that $20 plus a few bucks from the minimum payment go toward the principal balance. All of the overpayment goes toward principal. You can also look at the minimum payment calculation to determine how much of the minimum payment goes toward principal. ( Full Answer )
Making the minimum payment on a credit card will only pay on the interest. Say you owe $500 and the Minimum payment is $20. That will be applied mostly to the interest and when the next billing cycle comes you will more then likely still have an outstanding credit line of the $500. In modern times, …credit card companies are charging about 19% (Give or take) on outstanding balances. I would suggest that you always pay a little more than what the minimum shows. ( Full Answer )
You owe 30000 in credit card debt and have never been late with a payment but cant afford the minimum due now what to do?
It is hard to say what your best option is without knowing a little bit more about your situation, but you probably have a few different options. Some questions you will need to have answers for are:. Are you over your credit limits or close to them? . Are your interest rates high? . Do you own a… home and have equity in it? . Do you have enough money to pay your normal living expenses (food, housing, car payments, gas, etc., and include everything) other than your credit cards? . Do you have a good, bad, or average credit score? . The answers to these questions could help you determine your options. If you own a home and have equity, you could consolidate your credit card debt by refinancing or with a home equity loan. This would get you lower interest and a lower payment. Still, I wouldn't recommend this because you will be turning your unsecured credit card debt into a debt secured by your house.. If you have a very good credit score and are not maxed out, you might be able to get an unsecured debt consolidation loan at a lower interest rate, which could lower your monthly payment as well.. If you have no money at all (or a negligible amount) to go towards your debt, you may need to speak with an attorney about filing for bankruptcy. You should try other options first though, bankruptcy should be your fallback option.. If your interest rates are very high, you should speak with an accredited credit counselor with a non profit agency that has a good rating with the Better Business Bureau. The credit counselor could enroll you in a debt management agreement that would get you lower interest, potentially one lower monthly payment, and have you out of debt in 3 to 5 years.. Check out the links below for more information on these options.. Answer . You should see if you can start a payment plan. that way you can pay off your card little by bittle. hope this helps ( Full Answer )
Unfortunately yes, until the card owner notifies the card issuer and has the card disabled.
If your credit card balance is 1150 and the minimum monthly payment is 3 percent what is the minimum amount you must pay?
$1150.00 X 3% = $34.50 minimum payment or $1150.00 X .03 = $34.50 minimum payment
What does Minimum payment in your credit card bills mean What happens if pay less than the Minimum payment?
It's called minimum payment for a reason.. and that reason is that you don't have to pay you're full balance.. but you have to pay the minimum payment. NOTHING LESS
In order to accept credit card payments from your business, you would need to open a merchant account with a credit card acceptance company. The merchant account will provide you with a solution for taking credit card payments as well as settling those transactions so that the money that you are o…wed can be taken from the customer and deposited into your business account. For more information on taking cards as a form of payment see these resources: ( Full Answer )
Always try to pay off the full amount - you'll pay out a lot less in the long run. You should budget for your purchases even when you use a credit card.
If you mean making only the minimum payment required, it is bad because you are going to be paying a very high rate of interest on the remaining balance. If you pay the entire balance each month, you are spending your money on goods and services. If you leave a balance, you are spending a lot of you…r money on interest. That's good for the bank and bad for you. ( Full Answer )
Is it better to pay your credit card balance in full or make monthly payments more than the minimum?
Pay the card off and only use the card once a month for a small purchase or a nice dinner.. This will enable the creditor to constantly report your pay history to the credit reporting agencies.. If you pay it off, you will lose that positive reporting to the credit agencies.
don't use a credit card if it's possible. There is a number of credit card alternatives for online payment and you can always pay cash in the real life. The only place I spend money on the web is Facebook (I'm Farmville addicted hehe) and I use a prepaid card called paysafecard for it. You don't nee…d to give your personal details with it and even if it gets hacked (which is less possible) the damage is not so bad. ( Full Answer )
What if your credit card balance is 1150 and the minimum monthly payment required is 3 what is the minimum amount you must pay thus month?
3. You said so yourself. Perhaps you meant "3%"? Well, 3% of $1150 is $34.50. On a more practical note, paying for interest is paying for nothing. Pay off the whole darn thing and stop wasting your money making someone else rich.
Paying the minimum each month means you'll take longer to pay it off, meaning you're paying more interest.
becuase your only paying the intrest you owe helping with merit bdge i hope ;)
Digital credit card payment systems are ways in which you can purchase goods using different electronic devices in a secure way. Such devices that allow credit card payments for purchase are smart phone technology equipped to scan a reader - this is called near field communication, or an eWallet - a…n internet account which allows to efficiently pay for purchases online, while your details are secure. You can even use a credit card in McDonald's without putting in your pin code nowadays with near field communication technology. ( Full Answer )
When you make an order you will enter your card details which will be captured by the merchant or their payment gateway. These will be securely transmitted to the merchant bank which will then notify the card issuer who will authorise (or not) the transaction. The bank will then send confirmation to… the merchant or their payment gateway and they will inform you (typically with a confirmation email). ( Full Answer )
because the bank will see it as a un-experienced credit card user and theyll send large mobs of thugs to beat you up and have fun time with your family. YOUR A BOY SCOUT. stop looking the answers up on the internet and use the book
Because of the increase in interest rates. If you pay a .5% or 1% payment sometimes your payment isn't enough to even pay your interest and the principle increases every month. Now you have to pay at least a little to the premium.
I run a putt putt golf course, which would probably be more equivalent of a fast food restaurant in terms of cash to credit. But we usually get 70% of revenue through cash and 30% through credit/debit cards.
Express credit cards can be paid online or by check or money order. You should attempt to pay off your express credit card balance every month to ensure that you do not pay high interest fees on your card.
It is unwise to pay minimum payments due on credit cards because the payment will cover only a small portion of the principal amount and more on interest and financial charges.
yes, there are many companies that are accepting credit cardsonline. this is possible due to online payemnt gateways that is asoftware integrating with e-commerce website and enables theaccepting of online credit cards. So if you want to accept creditcards online then you can take services of paymen…t gateway and youcan try Emvantage payemts private limited and many more as yourwish . It enables credit card payemnts online. ( Full Answer )
mimimum payment = maximum years of owning. It results in the highest possible interest payments, in some cases it can almost double your debt!
Imagine we are purchasing any good in a showroom. The showroom owner will ask us for payment. For this,we can give him credit card. He will insert that card into machine. Our credit card number will be saved there. Then, we will be asked for a signature to provide the bank a proof that we had given …our acceptance. The shop owner will move to bank for his payment. The bank will provide him the money. ( Full Answer )
Unless you contact the creditor in advance, you may get charged with a late fee if the minimum is not posted to your account by the due date. Make sure to get in contact with the credit card company if you are going to be short or late on any payments. Most will either put a temporary freeze on your… account (not charge anything until you can pay it down again), post the minimum for you if you are enrolled in a payment protection service, or waive the fee for you. However, they will not do this if you fail to call ahead of time... ( Full Answer )
I recent late payment on an open account can hurt your credit score up to 60 points.
Websites accept credit card payments through companies that offer payment and transactions processing services. The company processes payment, takes a fee and forwards payment to the company.
Most payment processors will accept credit cards. All online ones like PayPal, Google Checkout or Authorize will accept credit cards. For offline ones you have to look at their terms of business to see if they accept creditcards.
Payment gateway protects credit cards via encryption. When encrypted, sensitive information such as credit card numbers and security codes are safely and securely passed from the customer to the merchant.
The fees associated with a credit card payment mainly depend on the credit card issuer. Usually there is a fee for the business offering credit card payment at all. Besides that there might be an extra fee for payments made outbound in countries having a different currency than your local home curre…ncy. ( Full Answer )
Some advantages of Providian's credit card payments are that they offer security protection, damage protection and theft protection on the card and products purchased.
The answer largely depends on the demographics of the community inwhich the liquor store is located, the selection and average bill. For average bills above $20, credit cards tend to win out with aratio of 9:1 (90%). Bills between $10 and $20 tend to be mixed moresimply with a ratio of 1:1 (50%). A…verage purchases below $10 tendto be largely cash as liquor stores are considered high-risk tocredit card companies and the fees hurt profitability for smalltransactions. ( Full Answer )
The main reason is that you will be charged interest and a latefee. So you will have to pay more than if you pay off the bill ontime. This is one of the ways that credit card companies makemoney. So you should always try to pay your bill on time.