Which of the following statements about minimum payments is incorrect?

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FAQ which of the following statements about minimum payments is incorrect?

What happens if I send in the minimum payment?

B If you send in the minimum payment, you will be charged a late fee. C You will still pay interest on your balance if you submit the minimum payment. D Paying the minimum means you are only paying off a portion of your total debt.

What does it mean to make a minimum payment?

Minimum payments are typically only 2-4% of your total debt B If you send in the minimum payment, you will be charged a late fee. C You will still pay interest on your balance if you submit the minimum payment. D Paying the minimum means you are only paying off a portion of your total debt.

Will there be a late fee if I pay the minimum?

There will never be a late fee added if the minimum payment is sent in unless it is late. However, by paying the minimum amount, the balance will not go up. If you pay extra, you will have that put on the balance of the account. If you send in the minimum payment, you will be charged a late fee.

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