2) If you make more
than the minimum balance due on your credit card bill, your credit card company must apply the excess amount to the balance with the highest interest rate.
Ideally, you will want to make a payment larger
than a minimum balance payment to avoid accruing too much interest and build a good credit history overtime.
If money is flowing into your account regularly, you are maintaining
more than the minimum balance, and you are handling the account responsibly (i.e., the checks you write are clearing), chances are that your banker will begin to offer you products such as a business credit card and possibly a line of credit.
You'll want to set up a monthly budget of your income and expenses, reduce any unnecessary expenses, and get on track to paying more
than the minimum balance on your credit cards each time the bill comes around — or better yet, paying the full balance.
We highly suggest trying to pay more
than the minimum balance, and, if you can, pay the entire balance each month.
Canadians are less informed than Americans: In the United States 25 % are uncertain about the importance or benefits of paying off more
than the minimum balance versus 39 % in Canada.
Around 39 % of Canadians are clueless about the benefits of paying more
than the minimum balance, whereas 25 % of Americans are uncertain.
Pay your bills on time, and pay more
than your minimum balance.
Did they pay more
than the minimum balance?
We recommend you pay more
than the minimum balance.
Pay more
than the minimum balance and whittle away at the principal bit by bit and you'll be debt - free in time.
I tried to do the right thing and pay off more
than my minimum balance and tried to pay my cards (yes, more than one) on time every month.
If money is flowing into your account regularly, you are maintaining more
than the minimum balance, and you are handling the account responsibly (i.e., the checks you write are clearing), chances are that your banker will begin to offer you products such as a business credit card and possibly a line of credit.
If you're stuck for the month and can't pay off your credit card balance in full, then aim to pay more
than the minimum balance.
Around 39 per cent of Canadians are clueless about the benefits of paying more
than the minimum balance, whereas 25 per cent of Americans are uncertain.
Whenever you have an opportunity to pay back a loan, always repay more
than the minimum balance.
Bank of America has an interesting credit card that offers cash back for paying more
than the minimum balance and always on time.