How to Calculate Credit Card Balance Based on Minimum Payment
When you receive your periodic billing statement from your credit card provider, you will have a choice of paying your full balance, a minimum payment or any amount between the minimum and the full balance. Credit card companies calculate minimum payments by multiplying a set percentage by your credit card balance and adding any fees. Therefore, by subtracting these fees and dividing by the set percentage, you can manually calculate your credit card balance from your minimum payment information.
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Instructions
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Determine the minimum payment for your credit card. For example, assume your minimum payment is $100.
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Subtract any fees from the minimum payment. Typical fees added to the minimum payment include late fees and over the limit fees. For example, assume your credit card provider charged you a $40 late fee. Continuing the same example, $100 - $60 = $40.
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Call your credit card company and ask for the percentage used to calculate your minimum payment. Depending on your credit card provider, this percentage will typically range from 2 to 5 percent. For example, assume your credit card uses 3 percent to calculate minimum payments.
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Divide the minimum payment minus the fees calculation by the percent figure expressed as a decimal. Continuing the same example, $60 / .03 = $2,000. This figure represents your credit card balance.
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