A Schumer box lists the main information about a credit card, such as its APR, grace period, and minimum payment.

Question

What is meant by the term minimum payment?
Choose 1 answer:
Choose 1 answer:
(Choice A) It is the smallest amount you can pay each month to keep your account in good standing.
A
It is the smallest amount you can pay each month to keep your account in good standing.
(Choice B) It is the amount you need to fully pay off your balance each month.
B
It is the amount you need to fully pay off your balance each month.
(Choice C) It is the annual fee associated with your credit card.
C
It is the annual fee associated with your credit card.

Answer 1

A) It is the smallest amount you can pay each month to keep your account in good standing.