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SmithTusk

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Am I required to charge more than the minimum each month?
I recently tried to make a payment that was less than the minimum. I thought for sure that it said a payment was due so I went ahead and tried to pay it. The payment was returned and I was charged for a late payment. Now I need to know that if I use my card and don't charge more than the minimum what should I do?

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The 'minimum' shown on your credit card statement is the smallest payment you need to make on the card.  There is a maximum on your card called the 'credit limit' which you are not to exceed.

Please re-read the articles here so you can better understand how credit works, because your current understanding is incorrect and will get you into trouble.

Top Contributor
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read your agreement

That doesn't sound right.  Are you sure your payment wasn't returned for "insufficient funds" from wherever you were trying to pay from?  Because it seems very unlikely a credit card lender would return any payment if there's money due, which if there wasn't, how would you have been late?  Since you haven't specified what credit card this is, there's no way to know what their rules are on the credit card you're dealing with.  Some credit cards have some surprising rules!  Best to read them carefully!  The credit cards I have, the minimum payment is always calculated in the following way, meaning the minimum payment can be any one of these 3 things, depending on the month:  Either some percentage of the entire balance at statement closing OR some minimum amount if the percentage of the entire balance is lower than that amount, OR the entire balance at statement closing if the whole balance is lower than that set minimum payment.  If this is the case, it should be explained somewhere in your agreement.  For example, a card might stipulate that the minimum payment will be 2% of the entire statement balance, or at least $25 (if 2% of the balance is less than $25)... OR if your entire balance is just $10, which is under $25, the minimum payment is the balance in full of $10.  The entire balance referring to the ENTIRE running balance, including previously unpaid balances.  So you can't run up $5,000 on this particular example credit card in 2015, charge just $10 in January 2016, and then expect to pay just $10 or $25 as a minimum payment.  You would owe 2% of the entire balance (5,010) as the minimum payment: $100.20.  If your credit card starts charging interest the date of a posted transaction, that could be even more by statement closing.

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