what is the purpose of a minimum payment on a credit card? to ensure the cardholder pays off the entire…

what is the purpose of a minimum payment on a credit card? to ensure the cardholder pays off the entire balance each month to ensure the cardholder pays a portion of the interest accrued to ensure the cardholder pays a portion of the late fees each month to ensure the cardholder pays a portion of the principal balance each month

what is the purpose of a minimum payment on a credit card? to ensure the cardholder pays off the entire balance each month to ensure the cardholder pays a portion of the interest accrued to ensure the cardholder pays a portion of the late fees each month to ensure the cardholder pays a portion of the principal balance each month

Answer

Brief Explanations:

The minimum payment on a credit - card is set to ensure the cardholder pays at least a portion of the interest that has accumulated on the outstanding balance. It is not to ensure full balance payment, payment of late - fees portion, or principal balance portion each month.

Answer:

To ensure the cardholder pays a portion of the interest accrued