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| *Loan,banking and credit>>>credit line |
When u pay the minimum payment on your credit card do u get your full line of credit back? |
I have a credit card with a $300 credit limit my minimum payment is 21.21 this month (my 1st month ever using it) Im at the $300 when i pay do i get the full 300 or will i only be able to spend 21.21? If you're already at the limit of $300 on the card, paying the $21.21 wont do anything to the available balance because that will go towards interest only. You won't be able to have the limit of $300 until all $300 is paid in full. yes u get your money back this a person who works at a bank You only get the full line of credit back when the full amount is paid off. If you paid $21.21, you would get $21.21 credit, minus any percentage of interest you are charged. The best way to increase your credit, and build your credit rating, is to pay the card off each time you put something on it. Good luck. no some times you get it back depending on how long it takes you to pay back the $300 You will only be able to use the $21.21. Actually, you might not even really be able to use that much because next month they will be adding on interest unless you are at 0% interest right now. You have to make a full payment for you to be at your full credit line. Paying the minimum payment will only free up 21.21 in credit line. Also a good rule of thumb is to pay your full balance evry month to avoid finance charges. If you really and truly didn't know the answer to that question, you don't need a credit card. Danger lurks ahead. Also, never pay just the minimum. You'll never get it paid off that way. Pay it down as much as you can and in the future do not use more than half of the available limit. That will help build credit. |
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