What is a minimum payment on a credit card?

A minimum payment on a credit card in Nevada is the lowest amount of money you must pay by the due date on your credit card statement. This is usually a percentage of your total balance or a fixed dollar amount, whichever is higher. Minimum payments usually range from 2 to 5% of the total balance. The minimum payment is calculated each month and it must be paid by the due date. You will be charged a late fee if the minimum payment is not paid by the due date. It is important to make more than the minimum payment on your credit card each month when possible. Otherwise, the interest you accrue on your balance will outweigh the payments you are making and you will end up paying more interest in the long run. Paying more than the minimum payment each month will also help you pay off your balance faster and save you money in the long run. In Nevada, the CARD Act of 2009 provides several consumer protections for credit card holders. These protections include limits on how fees can be charged and additional disclosures of payment terms and interest rates. The CARD Act also requires credit card companies to give customers time to make their payments and prevents companies from increasing minimum payments without providing prior notice to customers.

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What is a minimum payment on a credit card?

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