Can you pay this card monthly in minimum payments or... - Other Questions


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Credit Card Applications » Questions » User Questions » Other » Can you pay this card monthly in minimum payments or do you have to pay the full amount?

Can you pay this card monthly in minimum payments or do you have to pay the full amount?

Answered on | Updated on October 4th, 2012
The content is accurate at the time of publication and is subject to change.

No matter what credit card you have, you only need to pay minimum payments each month. But keep the following in mind:  if you do only pay the minimum, it will take a long time to pay off your debt because only a small part of your payment is going towards paying down the balance. Moreover, if you consistently pay only the minimum, that’s a signal to the bank that you are in some financial distress and can’t pay more. Ideally it is best to pay the balance due in full every month. But if that is not possible, try to pay a little extra. It will save you years of being in debt and hundreds (even thousands if the balance is high enough) in financial charges. Paying only the minimum will cost you far more in the long run.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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