Credit Card Minimum Payment

The minimum monthly payment on your credit card is calculated by multiplying your total amount on your credit card by a percentage.  The percentage is determined by the bank policy and bank will quite often add a floor amount to their minimum payment.  The minimum monthly payment can’t fall below the floor amount.  But keep in mind that it’s better to maximize your credit card payment as the compounding interest created by bank will make you pay for a long time if you only pay the minimum.