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When a higher rate is better When it comes to the minimum monthly payment. Credit payment terms vary but are typicall 2%, 3% or expressed in fractional terms like 1/50th. Though not to necessarily be confused with 50 payments to zero your balance we of course must account for interest and if you carry it credit protection insurance. Do you have a choice ? Some creditors give you a choice of the minimum payment but most do not, the only way to know may be to ask. But this is really a small issue considering you can make you own minimum monthly payment above and beyond there's. If your plan already offers 3% minimum then that is a good start, if not, then do it for yourself. |