Which of the following statements about minimum payments is incorrect?

The incorrect statement about the minimum payment is "if you send the minimum payment, you will be charged a late fee." The minimum payment is all that is needed on a credit card or other loan. There will never be a late fee added if the minimum payment is sent in unless it is late.  

Further Explanation:

minimum payment:

The minimum payment is the most minimal measure of cash that you are required to pay on your financial record every month. See your Visa "terms and conditions" record to perceive how your charge card's base installment is determined.  

you ascertain minimum payment:  

They utilize the equalization toward the part of the bargain cycle to figure the base installment due. For instance, your base installment is 2% of your parity and you have a $1,000 balance. Your base installment is determined as: 1000 X .02 = $20.  

minimum payment on charge cards:  

Most charge cards just expect you to make a minimum installment every month, which is commonly a fixed sum, regularly $20 to $25, or a level of your parity, typically 1 to 3 percent. Paying the minimum is enticing, particularly if your spending limit is tight. Be that as it may, the less you pay now, the more you'll pay later.

Subject: business

Level: High School

Keywords: minimum payment, you ascertain minimum payment, minimum payment on charge cards.  

Learn more about evolution on:

The statement that when the customer pays minimum payment, the late fee is charged. This statement is incorrect about minimum payment.  

Further Explanation:

Credit card:

A credit card can be used for the purchase of goods and services. Generally, a credit card has a specific limit. It is known as a line of credit (LOC). The cardholder can withdraw or use the funds up to the LOC. The cardholder has to pay the amount which is borrowed along with interest on the borrowed funds after a specific period of time, which is defined and stated at the time of issuing the credit card.

Late fees:  

If the customer may not able to pay the debt on the time. The bank will charge the late fees until the payment is received. But bank does not charge fees if the customer pays the minimum payment

Minimum payment:

Minimum payment is the amount of payment that the customer has to pay for whole credit card amount. The minimum payment has to pay within the time limit. The bank will charge minimum payment fees when the customer may not able to pay the minimum amount of debt at the time.  

Learn more:

1.Learn more about credit card

2.Learn more about credit utilization value

3.Learn more about trade-offs

Answer details:

Grade: Middle School

Subject: Banking

Chapter: Credit card

Keywords:

statement, the customer pays, minimum payment, the late fee is charged, credit card amount, cardholder, issuing, specific period of time, late fees.  

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