In credit card payments, late payment charges occur when you only pay the minimum payment.
Click on the arrows to vote for the correct answer
A. B. C. D.B
The correct answer is A. True.
When you make a credit card payment, the minimum payment is the smallest amount you can pay to keep your account in good standing. However, if you only pay the minimum payment, you will be charged interest on the remaining balance, which will accrue until you pay off the entire balance. In addition to interest charges, many credit card companies also charge a late payment fee if you fail to make the minimum payment on time.
Therefore, if you only pay the minimum payment on your credit card, you are likely to incur late payment charges in addition to interest charges. It's important to remember that the minimum payment is just that - a minimum - and you should aim to pay off your entire balance as soon as possible to avoid accruing interest and fees. It's also a good idea to make sure you make your payments on time to avoid late payment charges.