Question: How is Minimum Payment due calculated?
Answer: Each credit card issuers have their own set of calculation in determining your “Minimum Amount Due.” The minimum payment due is usually about 2% to 3% of your credit card balance.
If you miss a payment, you’ll have to pay the minimum due for every month missed plus late fee penalty. Also, if you carry a credit card balance, there is no grace period. You can the finance charge on your credit card balance.
For example, if you have a credit card balance of $1,000. Your minimum payment due for the month will likely be around $20 to $30 depending on the credit card issuer.