How Much Amount of Credit Card Payment?

After knowing when you should pay your credit card bill, now all you have to do is determine the amount of payment you plan to deposit. There are several options that you can use.

Manage Your Minimum Payment

Credit card issuing banks usually offer a payment system where you are allowed to pay a certain minimum amount by the due date of the charge. The purpose of this minimum payment is to ensure that your credit card is trouble-free and shows that you are compliant with the terms and conditions set by the credit card issuing bank.

Normally the minimum amount specified is 10% of the total new bill printed on your Charge Sheet plus a fixed installment and or minimum payment in arrears and or over limit cost if any. This amount varies depending on the type of credit card and the respective issuing bank, but about that much.

Although allowed, this minimum amount of payment system is strongly discouraged because keep in mind that this minimum payment is not the total amount you have to pay. You will be charged a compound interest or a flowering interest by the credit card issuing bank of the outstanding balance of the unpaid bills at maturity. Flowering interest here means that the interest of the unpaid amount will be added to the total amount of the next new bill which will also be charged interest. So the total credit card bill that will be billed to you in the following month will increase due to the interest of the interest

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