How are minimum monthly payments for credit cards determined?

Last Updated: May 24, 2013 11:30PM UTC

Minimum credit card payments vary depending on the card issuer and the type of credit card. Typically, minimum monthly payments are 1 percent of the balance plus interest and fees. Some issuers may charge 2 percent of the balance or set other minimums for the required monthly payment.

For example, the minimum monthly payment on a card could be 2 percent of the balance or 1 percent of the balance plus interest charges and fees.

Check with your credit card issuer to find out how monthly minimum payments are determined.

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