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The
minimum payment is the minimum amount a
credit card holder is required to repay each
billing period on an open balance. A card holder
can make a payment that is in excess of the
minimum payment due. However, a payment cannot be
for less than the minimum payment due. If this
happens, the account may go into default, and the
credit card issuer might impose a penalty. The way
that the credit issuer calculates the minimum
payment due each month will be defined inside the
card holder agreement. The minimum payment
generally is calculated as a percentage of the
new balance total. |
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