Which of the following is true of the minimum monthly payment on a credit card?
A)It is the largest amount you can pay and still be a cardholder in good standing.
B)It is not required to be listed as a warning on your monthly credit card statement.
C)It refers to the maximum payment amount due from a cardholder.
D)It is a financial trap.
E)It refers to the total amount that a cardholder owes.

Question

Quizplus · Accepted Answer

The minimum monthly payment on a credit card is often considered a financial trap because it keeps the cardholder in debt longer due to interest charges, encouraging them to pay off their balance over a more extended period.

Which of the Following Is True of the Minimum Monthly