Author Topic: Complicated minimum payment due question  (Read 1226 times)

Offline SPOOGER

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Complicated minimum payment due question
« on: November 30, 2015, 09:55:47 PM »
If the credit card billing cycle closes on Jan 15th and a payment in made on jan 14 for the complete amount of the December bill plus an additional $5.
What will be the minimum balance due on jan 15 statement?

Will the $5 be considered a PAYMENT on the jan bill?
Or rather a reduction in the balance used to calculate the minimum amount due, but not a payment to satisfy the minimum payment. (Due to the fact it wasn't done after minimum amount due is calculated)
 

Offline SearchGuy

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Re: Complicated minimum payment due question
« Reply #1 on: November 30, 2015, 09:57:23 PM »
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Offline David Smith

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Re: Complicated minimum payment due question
« Reply #2 on: November 30, 2015, 10:02:09 PM »
It doesn't count towards minimum payment of its not going to cover the closing balance.
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Offline SPOOGER

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Re: Complicated minimum payment due question
« Reply #3 on: November 30, 2015, 10:04:21 PM »
It doesn't count towards minimum payment of its not going to cover the closing balance.
So with a new credit card you can make a payment on you first month of use on the 14th and have to make a payment again after the 15th. Sounds odd.
Idon't think Amex did this to me, but chase is insisting it won't go towards the payment.
« Last Edit: November 30, 2015, 10:17:15 PM by SPOOGER »

Offline ckmk47

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Re: Complicated minimum payment due question
« Reply #4 on: November 30, 2015, 11:08:46 PM »

You payment is used as

[ rather] a reduction in the balance used to calculate the minimum amount due, but not a payment to satisfy the minimum payment.
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Offline pixi

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Re: Complicated minimum payment due question
« Reply #5 on: November 30, 2015, 11:15:16 PM »
If the credit card billing cycle closes on Jan 15th and a payment in made on jan 14 for the complete amount of the December bill plus an additional $5.
What will be the minimum balance due on jan 15 statement?

Will the $5 be considered a PAYMENT on the jan bill?
Or rather a reduction in the balance used to calculate the minimum amount due, but not a payment to satisfy the minimum payment. (Due to the fact it wasn't done after minimum amount due is calculated)
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