Creditcards/How to figure out minimum paymt?

[Twinklette]

Say you have a balance on a CC of about $1000-1200 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!

 

[Sherri S.]

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.

 

[IntlSet]

I think it's also tied into your interest rate.

 

[sayhitoromes]

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 ???