How much is the average minimum payment for a credit card?

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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 ( 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 ( 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 ( 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 ( Full Answer )

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 ( Full Answer )

What happens if you pay as much as you can on credit cards but it is not the minimum?

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 ( Full Answer )

What happens if you do not make credit card payments?

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 ( Full Answer )

What is the minimum payment due on a credit card with a 50000 balance?

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 ( Full Answer )

How does credit card minimum payment work?

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 ( Full Answer )

How can accept a payment by credit card?

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 ( Full Answer )

How do credit card payments work?

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 ( 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, ( Full Answer )

Why is it unwise to make only the minimum payment on your credit card?

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, ( 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 ( Full Answer )

How do you accept credit card payments?

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 ( Full Answer )

Why is making a minimum payment on a credit card bad?

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 ( Full Answer )

HOW DO you avoid credit card payment?

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 ( Full Answer )

What are digital credit card payment systems?

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 ( Full Answer )

How are credit card payments made on internet?

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 ( Full Answer )

How do you make payments on an express credit card?

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.

Can credit card payments be made online?

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 ( Full Answer )

How do you paid credit card payment?

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 ( Full Answer )

What if you pay something on the credit card but cannot pay the minimum payment?

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 ( Full Answer )

How do websites accept credit card payments?

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.

Which payment processors use credit cards?

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.

How does payment gateway protect credit cards?

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.

What fees are associated with a credit card payment?

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 ( Full Answer )

What is the average ratio of cash vs credit card payments for liquor store?

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 ( Full Answer )

Why pay your credit card payments on time?

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.