How much more than the minimum payment should I pay?

How much more than the minimum payment should I pay?

Interbank Minimum Payment

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The consumption alert service provides you with an immediate detail every time a purchase and/or automatic debit is made, whether in pesos or foreign currency, and whether it is made by the cardholder or any of the additional cardholders.

In the first place, to control the purchases and/or advances of the account. But also, when an unknown consumption arrives, you will be able to communicate instantly with the card to find out what is happening.

You will have to call the telephone number on the back of the card with the data of each member of your travel group (full name, ID number, passport, etc.). The beneficiaries are determined by the company providing the service and the terms and conditions can be consulted on the Master Consultas website according to each type of card. The policy will be sent to your e-mail directly.

Minimum payment mastercard credit card

The minimum payment is an alternative for credit card users to cancel their debt. It is an amount less than the total amount of the statement received that partially cancels a debt.

Opting for the minimum payment is not recommended because it is a modality that increases the debt considerably, since the National Commission for the Protection and Defense of Users of Financial Services (Condusef) explains that the minimum payment pays nothing or almost nothing to the original debt.

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1. The sum of 1.5% of the outstanding balance or total debt for the corresponding month; not counting interest-free monthly payments, deferred payments or monthly payments with fixed interest; plus VAT and the corresponding interest.

What happens if I don’t pay the minimum amount on my Visa card?

Credit cards offer you several advantages and benefits. They are an excellent alternative to cash, make shopping easier and can get you out of a jam. Some cards offer rewards like cash back or travel miles, while others give you additional protection for your purchases.

If you play your cards right and pay your bills on time, you’ll never have to pay interest. In addition, being a conscientious user of your plastic helps you improve your credit rating, which gives you access to financing, with which you can buy a house or a car.

However, managing a card can also be complicated, especially if you’re already swimming in debt or just don’t know how to control your finances. Find out below, What is the minimum payment, how does the minimum payment work? Along with the best tips for making the minimum payment on a credit card.

In a credit card, the money you borrow is revolving, meaning that when you use it, the money you spent is subtracted from the credit line you have; if you want to use the total amount of money available, you will not be able to do so until you pay off the debt in full, plus the interest that has been generated.

Minimum Payment

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Unfortunately, credit card debt can easily accumulate. Emergencies can arise, such as car repairs or visits to the veterinarian. Add to that your card balance. So, the question is: what if you only pay the minimum on the credit card?