How is the Minimum Payment Amount of Credit Card Calculated?
Non-individuals are called by banks at least once a week and they are tried to be persuaded to obtain credit cards. These cards, which make the life of the person easier when used within certain limits, can put the life of the cardholder in a difficult situation when they go beyond the borders and spend more.
Payment of the credit cards that are owned can be realized in different ways, sometimes just in time, sometimes delayed or below the amount to be paid or to cover the entire amount. There are some factors that banks pay attention to when making these payments.
One of them is the minimum payment amount
The minimum payment amount is the minimum payment amount that should be made. This payment must be made until the credit card’s due date.
But if we touch on some details before calculating the minimum payment amount; When you calculate the minimum payment amount when you get the first credit card you have, it becomes an important data. Regardless of the limit, 40% of the total debt must be paid in the credit cards received after 17 December 2010. For example, in January 2015, when you buy your first credit card from the X bank with a limit of 3,000 USD and assume that your statement is 1.000 USD, the minimum amount you will have to pay will be 400 USD.
Assuming that in February 2016, after your first year has expired, your statement has again reached 1,000 USD, the minimum amount you have to pay is 300 USD. The calculation of this amount is included in item (e) of the regulation of the banking regulatory and supervisory authority;
“The minimum amount to be paid is thirty percent of the term debt on credit cards with a credit card limit of up to 15,000 Turkish dollars, thirty-five percent of the term debt on credit cards with a credit card limit of 15,000 Turkish dollars and 20,000 Turkish dollars and above. “Forty percent of the term debt on credit cards and forty percent of the term debt will not be less than forty percent from the date of use on newly allocated credit cards.” It indicated.
While some banks calculate this amount
They take the sum of 100% of the installment amount of that month and 25% of other transactions of the same month. Some other banks, on the other hand, calculate the minimum payment amount as 25% of the period’s debt without taking into account the installment amount and reflect it on the statement.
In cases where the minimum payment cannot be made;
The bank reaches the cardholder by phone, e-mail or letter and sends a warning. In this process, the cardholder is included in the delayed payments group of less than 30 days.
It applies daily delay interest to the debt amount written in the statement for each day that passes the due date.
Credit card is closed to cash advance withdrawal.
The Credit Registration Bureau is warned through the bank and it is observed that the banks registered in the system have made a delayed payment. To mention the importance of Credit Registration Bureau; It is a system where all bank transactions are recorded in a single database and the person is rated between 0 and 1900. A low score may produce future credit card applications or results that may hinder your withdrawal.
If the payment is not made at the end of 1 month, the bank closes the credit card to all transactions and the cardholder is warned with recurring periods about the payment of the debt. At the end of the 90-day period, the legal process begins. Payment of the total debt is requested within 15 days from the end of this period. The person who will perform his debt can contact the bank and request an installment. If the payment will not be made, bank lawyers apply to the court and try to collect them through the execution they will receive.