2

Is there a different policy that bank practice in generating minimum payment for a credit card balance? I have two credit cards with 0% interest APR going on both of them. I have similar credit card balance ( say for example X) on both the credit cards. One Bank is charging me 1% of X as the minimum payment and other bank is charging me 3% of X. I am in California. Does anyone know if there is a fixed / general rule in determining minimum balance for the customers?

6

Entirely up to the bank and may be different for different customers. If it bothers you, shop around for a better offer.

Personally I believe that nobody should ever be making only the minimum payment, so I would ignore that number.

|improve this answer|||||
  • 3
    It's not completely up to the bank since there is some regulation, but this answer is basically correct. (Especially the part about it being a bad idea to make just the min payment.) At the link here, there's some information about the regulation and also a survey of fees from a few banks. creditcards.com/credit-card-news/… – user32479 Mar 14 '16 at 15:10

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.