What are minimum payments on my credit card?
An example of an AI chatbot conversation about understanding minimum payments on credit cards.
What are minimum payments on my credit card?
Minimum payments are the smallest amount you can pay on your credit card bill to keep your account in good standing.
How is the minimum payment calculated?
It's usually a percentage of your total balance, plus any fees or interest charges. It can vary by issuer.
What happens if I only pay the minimum?
If you only pay the minimum, you'll incur more interest over time, and it will take longer to pay off your balance.
Can I avoid paying interest altogether?
Yes, by paying your full balance by the due date each month, you can avoid interest charges.
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