Creditcards/How to figure out minimum paymt?

  1. Over at PurseBlog, we started a new series called Closet Confessionals in which we examine how readers and TPFers afford their bag addictions. Read about it in this intro article and submit your own confessional here. We are looking forward to hearing from you!
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  1. Say you have a balance on a CC of about $1000-1200 :nuts: How do the CC companies figure out your monthly paymt off that? Is it a certain percentage? There is no interest as it's free for the first 6 mos. Just trying to figure out if I can afford the monthly paymt if I go this route.

    Thanks!
     
  2. I believe it's a certain percentage, but different cc companies use different percentages. If you already know which card you'd use for your purcase, I would call them and ask (or check the materials they sent you w/the card. Yeah -- like I keep those handy!). If you're shopping around to decide which cc to go apply for, it should be in the small print of their advertising materials.
     
  3. I think it's also tied into your interest rate.
     
  4. I don't know, it's so weird b/c one time I had a balance of over 1000 and my min payment was $30 something and the next month I had paid it all off and only had a balance of like $60 something, and the min payment was $50-something ???
     
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