Credit Card Payment Calculation
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Posted: Fri Sep 10, 2004 2:58 pm
Post subject: Credit Card Payment Calculation
stacey
Date: 3/23/2001 3:37 pm CDT
I'm VERY annoyed that , so far, I've only come across ONE credit card issuer (Capital One) that even MENTIONS the percentage of the outstanding balance required to be paid as the minimum due each month!! This is a vitally important factor, especially if you transfer a large balance(s) to a card at a 'great rate.' Most cards seem to calculate the minimum due at 3% of the total balance, which can turn out to be prohibitive, even at a low rate, whereas a 2% payment, even at a slightly higher rate, by being feasible to pay, can keep a good credit rating. I wish the truth in lending laws required disclosure of the payback element, too!!!!!! I anyone knows of a card with:
1. low transfer rate, with no transfer fee
2. reasonable (9,9 or less) FIXED thereafter and
3. 2% of balance as minimum payback each month
please answer immediately with details and site (if known) or telephone/address/fax for issuer. I don't care if it is an "online" issuer - I just need good terms!
THANKS!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Fri Sep 10, 2004 3:00 pm
Post subject: Credit Card Payment Calculation
Eugene
Date: 3/23/2001 10:39 pm CDT
I've only come across ONE credit card issuer (Capital One) that even MENTIONS the percentage of the outstanding balance required to be paid as the minimum due each month!!
All of them mention that on the back of your statement, most of them will tell you if you don't have the card but call.
Most cards seem to calculate the minimum due at 3% of the total balance, which can turn out to be prohibitive, even at a low rate, whereas a 2% payment, even at a slightly higher rate, by being feasible to pay, can keep a good credit rating.
If you need this difference to maintain a good credit rating, you probably already have a bad one.
Besides, paying onle the minimum to a card can have only one reasonable excuse: freeing more money to pay more to your highest APR card(s). Otherwise, it will take you forever to pay off your debt. I hope you realize that.
I vaguely remember MBNA disclosure to say something about 2% minimum payment instead of regular 3% if you call and ask for it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Fri Sep 10, 2004 2:58 pm
Post subject: Credit Card Payment Calculation
stacey
Date: 3/23/2001 3:37 pm CDT
I'm VERY annoyed that , so far, I've only come across ONE credit card issuer (Capital One) that even MENTIONS the percentage of the outstanding balance required to be paid as the minimum due each month!! This is a vitally important factor, especially if you transfer a large balance(s) to a card at a 'great rate.' Most cards seem to calculate the minimum due at 3% of the total balance, which can turn out to be prohibitive, even at a low rate, whereas a 2% payment, even at a slightly higher rate, by being feasible to pay, can keep a good credit rating. I wish the truth in lending laws required disclosure of the payback element, too!!!!!! I anyone knows of a card with:
1. low transfer rate, with no transfer fee
2. reasonable (9,9 or less) FIXED thereafter and
3. 2% of balance as minimum payback each month
please answer immediately with details and site (if known) or telephone/address/fax for issuer. I don't care if it is an "online" issuer - I just need good terms!
THANKS!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Fri Sep 10, 2004 3:00 pm
Post subject: Credit Card Payment Calculation
Eugene
Date: 3/23/2001 10:39 pm CDT
I've only come across ONE credit card issuer (Capital One) that even MENTIONS the percentage of the outstanding balance required to be paid as the minimum due each month!!
All of them mention that on the back of your statement, most of them will tell you if you don't have the card but call.
Most cards seem to calculate the minimum due at 3% of the total balance, which can turn out to be prohibitive, even at a low rate, whereas a 2% payment, even at a slightly higher rate, by being feasible to pay, can keep a good credit rating.
If you need this difference to maintain a good credit rating, you probably already have a bad one.
Besides, paying onle the minimum to a card can have only one reasonable excuse: freeing more money to pay more to your highest APR card(s). Otherwise, it will take you forever to pay off your debt. I hope you realize that.
I vaguely remember MBNA disclosure to say something about 2% minimum payment instead of regular 3% if you call and ask for it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:53 PM
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