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Making a credit card minimum payment: A Means you are paying a small portion of your total credit card debt B Is the same thing as making a late credit card payment C Will have a negative effect on your credit score D Will cause your credit card to be cancelled

Bethany Evans

in Business

1 answer

1 answer

Daniel King on August 23, 2018

A is the correct answer. The minimum payment is the minimum amount that can be paid to your credit card company without having to make additional payments or extra charges. Is calculated based on the interest rate and the amount that you borrowed. However, as the amount that you are paying decreases, so does the minimum payment, so you always end up paying only a small portion of the total debt.

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