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for a credit card the minimum balance owing is $25 or 1.5% of the balance owing. If the closing balance is greater than the credit limit of the card then the minimum payment must also include the excess of the balance over the card's credit limit. If the closing balance was $800 with a credit limit of $1500 the minimum balance due was?

Guest Sep 21, 2017
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The language of your question is a little bit confusing. You say "for a credit card the minimum balance owing is $25 or 1.5% of the balance owing." I think what you mean to say is "for a credit card the minimum PAYMENT owing is $25 or 1.5% of the balance owing." 

 

If that is what you meant, then the minimum PAYMENT, in this case, would be $25, since 1.5% of the balance owing would be: $800 x 1.5% =$12, which is less than $25.

Guest Sep 21, 2017

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