During the no interest period, is there a minimum... - Other Questions


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Credit Card Applications » Questions » User Questions » Other » During the no interest period, is there a minimum monthly payment necessary on the balance? If so, how...

During the no interest period, is there a minimum monthly payment necessary on the balance? If so, how much?

Answered on | Updated on October 1st, 2013
The content is accurate at the time of publication and is subject to change.

As a rule minimum payments are required during promotional period. You will be given a chance to pay off the balance during promotional period without paying the interest. If you are not paying the minimum or late with minimum payments, your 0% interest promotional APR will turn into penalty APR and the interest will accrue. Plus the issuer may charge you a penalty fee for the late payment.
The minimum payments are determined by the issuer and depend on your balance. The issuer should inform you what minimum payments you should pay and about the payment due date.

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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