~~The minimum payment each month is computed as 1% of the new balance achieved at the end of a billing cycle, rounded up to the nearest $5.
Let’s examine how your credit card might work over the course of one billing cycle. Consider the following:
• The previous balance was $2477.32 and the billing cycle began on November 10.
• A minimum payment was made on November 22 of $25. You made a purchase on November 23 for $566.99 and one on December 1 for $65.40
~~credit card(APR)of18%.
calculate balance using 'average daily balance(including new purchases)
Your due date is 30 days after the close of each billing cycle. You will not be charged interest on purchases if you pay your entire balance by the due date of each billing cycle.
The minimum payment each month computed as 1% of the new balance achieved at the end of a bill.