Definitions

Minimum Finance Charge

Posted in: Credit Cards

define: Minimum Finance Charge

If a cardholder carries a balance from one month to the next, he/she will incur a finance charge. In some instances, the computed finance charge (usually a percentage of the balance) may be less than “minimum finance charge,” in which case, the minimum finance charge will be applied. For example, if a cardholder’s computed finance charge is $0.87 but the minimum finance charge specified for his/her account is $1.00, he/she will be charged $1.00 instead of the $0.87.

This definition is filed under Credit Cards.



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