What is a minimum payment on a credit card?

A minimum payment on a credit card is the least amount of money that you must pay back that month. In Oregon, the law requires credit card companies to set a minimum payment amount that is at least 5% of the balance on the credit card. This means if you have a credit card balance of $150, the minimum payment you must make this month is $7.50. The minimum payment is important because not meeting the minimum payment can lead to additional late fees, penalty interest and damage to your credit score. For this reason, many states, including Oregon, have enacted laws that protect consumers from these issues. The law states that the minimum payment cannot be more than twice the amount of any previous month’s minimum payment and that the payment must be reasonable. If you want to avoid paying extra fees or damaging your credit score, it is important to always make the minimum payment on your credit card. It is also important that you make more than the minimum payment whenever possible. Making more than the minimum payment will help you pay off your credit card balance quicker and save you money in the long run.

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What is a minimum payment on a credit card?

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