This is an unsecured personal line of credit unsecured. Note says that the minimum payment will be the "regular payment" equal to the amount of accrued interest plus any amounts past due and all fees and charges.
The billing statement is calculating the interest charge correctly for the days in the billing cycle. However, the minimum payment due on the first billing statement is equal to interest accrued from the first day of the billing cycle through what is expected to accrue until the first payment due date, which is 15 days after the end of the billing cycle. Thereafter, the minimum payment due is equal to interest from the day after the previous due date to the upcoming due date.
Is it ok to require a minimum payment due that includes expected interest through the upcoming due date or should it be equal to the accrued interest charge for the billing cycle?
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