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Forum Credit Card Payment

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  • #1494
    PL
    Peter Lin
    Participant

    Posts: 13

    Joined: Dec 10, 2014

    Expert

    Hi Ajith,
    You should wait for your credit card statement to arrive later this month. It will tell you the Due Date you have to pay back the amount and how much the Minimum Payment is. It is usually 3% – 5% (depending on the bank) or $50, whichever is higher.

    Since your outstanding is $11k, then your minimum payment would be $330 to $550. Do note that if you don’t make payment in full (the whole $11k), you will incur interest at about 25.90% per year.

    Hope this helps!

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