How much over the minimum payment due should I make to save on interest? I think it's $10 per $3,000. Correct?
- CatDadLv 71 decade agoFavorite Answer
There is no fixed amount...the answer is: pay as much as you possibly can over and above the minimum payment. If you have good credit...apply for a new card with a 0% one-year balance transfer feature and balance transfer your high-interest debt on your existing card to this new 0% interest card.....If you have good credit and you have credit card debt....0% (or low interest) balance transfers are your best friend.
- aylatroyLv 41 decade ago
This is what I do with mine. Looking at the CC statement, find how much interest was charged on the balance, then add that amount to my payment. Paying over the minimum amount by $10.00 won't do much if your interest on the balance is higher then $10.00
- sophiebLv 71 decade ago
Not sure. Wouldn't us banning together to make them decrease the interest solve the problem from the positive side? http://www.bankrate.com/brm/calc/creditcardpay.asp
- Anonymous1 decade ago
you need to put every cent you can afford to get this balance down