Credit Card Calculator
1. Minimum payment:
The minimum payment is the amount of money you have to pay if you have a balance on your credit card account.
In many cases, a credit card company will charge a percentage of the balance on the card as the minimum monthly payment. Part of the minimum payment will go towards interest, and only a small portion of it will go towards your principal.
Some credit cards charge the interest plus 1% of the balance to ensure that the 1% will go towards your principal.
More Information: More about Credit Card