How Minimum Payments Can Rise Per Month
1. Higher Balance: More purchases increase the balance, raising the minimum payment.
2. Interest Rate Hike: A higher interest rate means a higher payment.
3. Added Fees: Late fees or other charges increase the payment.
4. End of Promo Rate: When a promotional interest rate ends, the payment may go up.
5. Calculation Change: The card issuer changes how they calculate the minimum payment.
6. New Debts: Balance transfers or cash advances increase the balance.
7. Debt Program: Enrolling in a repayment program can raise the payment.
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CURATED FROM
Credit Card 101: Understanding Interest Rates, Fees, and Terms- Your Ultimate Guide to Responsible Credit Card Usage
fundsamentally.com
16 ideas
·971 reads
IDEAS CURATED BY
Solopreneur | Finance | Lifestyle "He reached for the sun, and found his wings were made for such heights." -ChatGPT
Credit cards have become an integral part of our financial lives, offering convenience and purchasing power at our fingertips. However, navigating the world of credit cards can be daunting, especially when it comes to deciphering interest rates, fees, and complex terms.
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