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How to request a lower credit card minimum payment
The article notes that missed minimum payments can trigger late fees, higher interest, and a lower credit score, and says issuers may offer options to reduce the impact.
If you cannot make at least the minimum payment on a credit card bill, you are advised to take action sooner rather than later, because missing payments can lead to high fees, higher interest, and a lower credit score, according to Yahoo Finance.
The minimum payment is described as the amount you must pay toward your credit card balance by the monthly due date to remain in good standing and avoid late fees and penalties, and the calculation varies by issuer.
Yahoo Finance says minimum payments are typically either a small percentage of the new statement balance, often 1.0% to 2.0%, or a fixed cash amount, often $25 to $40, whichever is greater, and that interest accrued on the balance, penalties or fee charges, and any past-due payments can also be included.
To seek a lower minimum payment, the article recommends contacting your issuer first, using options such as calling the number on the back of the card, using online chat through the issuer’s app or account, or speaking in person at a nearby bank branch, and explaining your financial circumstances and inability to make the current minimum payment.