$6,000 Credit limit, 15 months no APR

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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chooseausername
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$6,000 Credit limit, 15 months no APR

Postby chooseausername » Wed Mar 19, 2014 12:13 pm

Where can I go to calculate my minimum monthly due?

Bank of America approved me for a card with 0% on purchases for 15 months, 0% on balances (transferred within the first 60 days), and with a credit limit of up to $6,000.

So, if say, $6000, were put on the card, then what would be the minimum monthly due, assuming I pay the minimum balance off each and every month.

What if it were $5K, $4K, or $3K placed on the card? How much then per month?


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djrez4
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Postby djrez4 » Wed Mar 19, 2014 1:59 pm

Try here.
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chooseausername
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Postby chooseausername » Wed Mar 19, 2014 2:28 pm

I didn't need a rude answer. I couldn't find the minimum payment percentage in the terms.

Here is the answer I received from Bank of America.

REP: Your minimum payment is the portion of your total balance that is required to be paid by the due date each month to keep your account in good standing.
REP: minimum payment = 1% of the outstanding balance + late charges if any + interest charges if any
You: Where does it mention this in the terms?
REP: This formula is not mentioned in the terms and conditions.
You: Why not?
REP: I shared it with you for a better understanding.
You: It that my particular %?
You: Will mine be different?
REP: Minimum payment percentage is same on all our credit card applications.
REP: Yes I am with you.
REP: I truly apologize for the delay.
REP: Let me explain this to you.
REP: Minimum payment keeps on changing depends on the balance and keeps on changing depending on your credit and market situations.
Last text message received
REP: Hence it is not mentioned in the terms and conditions.
You: OK Thanks.

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Postby rockyrock » Wed Mar 19, 2014 10:20 pm

djrez4 wrote:Try here.


Bahahaha...nice :-)
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Postby takeshi » Thu Mar 20, 2014 8:18 am

chooseausername wrote:I didn't need a rude answer.

The answer will always be that you have to check with the creditor as there isn't a universal minimum.

Instead of focusing on minimum payment you really should focus on utilization. Maxing and paying only the minimum over a long period of time is a great way to end up being balanced chased or other adverse action.

chooseausername
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Postby chooseausername » Thu Mar 20, 2014 8:52 am

takeshi wrote:The answer will always be that you have to check with the creditor as there isn't a universal minimum.

Instead of focusing on minimum payment you really should focus on utilization. Maxing and paying only the minimum over a long period of time is a great way to end up being balanced chased or other adverse action.


Aside from balance chasing, what other type of adverse action?

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nismoZtuner
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Postby nismoZtuner » Thu Mar 20, 2014 2:00 pm

djrez4 wrote:Try here.



thats cool..

some how a perfect way to troll people hahah
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chooseausername
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Postby chooseausername » Thu Mar 20, 2014 2:55 pm

takeshi wrote:The answer will always be that you have to check with the creditor as there isn't a universal minimum.

Instead of focusing on minimum payment you really should focus on utilization. Maxing and paying only the minimum over a long period of time is a great way to end up being balanced chased or other adverse action.


REP: It will just be 1% for the outstanding balance for purchases made on the account for each month.
You: For the entire 15 months? Correct?
REP: Yes.

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Postby linuxmachine » Thu Mar 20, 2014 6:26 pm

chooseausername wrote:REP: It will just be 1% for the outstanding balance for purchases made on the account for each month.
You: For the entire 15 months? Correct?
REP: Yes.


1% a month for 15 months only pays < 15% of your total debt. After that you're gonna pay some hefty finance charges based on APR.

Also, if you keep your utilization high, you will likely get denied for other CC's if you plan on balance transfers to another 0% card, or if you need a loan (e.g. auto/home), you will either get denied or get less favorable rates.

chooseausername
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Postby chooseausername » Thu Mar 20, 2014 6:27 pm

I agree. Good points.



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