What is the minimum monthly payment on a credit card?

The minimum monthly payment on a credit card in Washington is determined by the amount of your total outstanding balance. According to the 2009 Amendment to the Washington Credit Card Law, the minimum payment must be equal to at least 1% of the outstanding balance, plus any fees associated with the credit card, such as late fees or interest. This means that, depending on the amount of your balance, the minimum monthly payment for a credit card in Washington can range from a few cents to a few hundred dollars. If a credit cardholder fails to make the minimum payment listed on the statement, they are subject to additional fees and more stringent repayment requirements. Additionally, failing to make the minimum payment on a credit card can result in negative credit report information being reported by the creditor to the credit reporting agencies. In order to avoid falling behind on your credit card payments, it is important to make sure that you have a budget in place, so that you are able to pay more than the required minimum payments each month. This will help ensure that you are not only meeting your obligation but that you are making progress in reducing your balance and avoiding incurring additional fees or interest charges.

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What is the minimum monthly payment on a credit card?

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