What is the minimum monthly payment on a credit card?

The minimum monthly payment on a credit card in New York depends on the card issuer and the type of credit card agreement you have. Generally, the minimum payment on a credit card is calculated as a percentage of the outstanding balance. For example, if your credit card agreement includes a minimum payment percentage of 3%, then you must pay at least 3% of your total outstanding balance each month. This calculation can be performed by dividing your total outstanding balance by 100 and then multiplying that number by 3. Credit card issuers in New York are also required to set a minimum amount that must be paid each month. Depending on the credit card issuer, this minimum payment can be anywhere from $15 to $25. Finally, if the minimum payment you make would not cover the interest fees due on your balance, the card issuer may require you to pay the interest fee in addition to the minimum payment in order to avoid late fees. In conclusion, the minimum payment you make on a credit card in New York will depend on the credit card issuer and the type of credit card agreement you have. Generally, the minimum payment is calculated as a percentage of the outstanding balance and credit card issuers may have a minimum payment of between $15 to $25.

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