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(4.80 out of 5) (4.67 out of 5) (4.50 out of 5)Credit card and finance computations can make your head spin, we have developed common calculators to assist you.
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In financial terms, "fixed" refers to a rate of interest that is non-variable... ...more
The minimum payment is the dollar amount that a credit card company requires you to pay toward your debt each month. This amount is a percentage of the total balance of your account, and usually ranges from $10 to $50. Failure to pay the minimum payment each month means you would be defaulting on the loan; your credit would be cancelled and you would incur further fees and penalties. Of course, it is always advisable to pay the whole balance each month, not just the minimum payment, in order to avoid finance and interest charges.