1. What is the FNB Minimum Payment?

The FNB (First National Bank) credit card minimum payment is typically 5% of your outstanding balance. This is the minimum amount you must pay each month to keep your account in good standing.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

• \( MP \) — Minimum payment (ZAR)
• \( P \) — Principal balance (ZAR)

Explanation: The calculation is straightforward - 5% of your current outstanding balance.

3. Importance of Minimum Payment

Details: While paying the minimum keeps your account in good standing, it's important to pay more than the minimum to reduce interest charges and pay off your balance faster.

4. Using the Calculator

Tips: Enter your current credit card balance in ZAR. The calculator will show you the minimum amount due for that billing cycle.

5. Frequently Asked Questions (FAQ)

Q1: Is the minimum payment always 5%?
A: Typically yes, but check your card agreement as some special promotions or situations may alter this percentage.

Q2: What happens if I pay only the minimum?
A: You'll avoid late fees, but interest will accrue on the remaining balance, potentially leading to long-term debt.

Q3: Is there a minimum amount if my balance is very low?
A: Yes, FNB usually has a minimum payment amount (e.g., ZAR 50) regardless of how small 5% of your balance might be.

Q4: Does paying the minimum affect my credit score?
A: Paying at least the minimum on time helps your score, but high utilization (balance vs limit) may negatively impact it.

Q5: How can I pay less interest?
A: Pay more than the minimum whenever possible, or pay your full balance each month to avoid interest charges.