Minimum Finance Charge
Definition
The minimum fee you will pay any month there is an outstanding balance. This is usually pretty low, around $1. The credit card companies don't want to have to deposit a $0.03 check from you any more than you want to write one. The minimum finance charge is to help ensure they don't loose money just processing your payment. If you have a $50 remaining balance on a card the finance charge may normally be around $0.50, but if that is below the $1 minimum finance charge you will be charged $1.
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