korttimaksut

Korttimaksut refer to the minimum payment amounts that borrowers are required to make on credit card balances or other consumer loans in Finland. The term is derived from the Finnish word for “card” (kortti) and “payment” (maksu). Under Finnish law, a creditor must, before a payment is due, provide the debtor with a written statement of the amount that the debtor must pay at the next payment date. This statement must be delivered in a timely manner, usually a few days before the payment date, and must contain the payment amount, the due date, and the total interest that will be added to the outstanding balance should the payment not be made on time.

The payment calculation follows a prescribed formula that takes into account the outstanding balance and the agreed interest rate. In practice, the minimum payment is often set at a small percentage of the balance—commonly 5 % or 10 %—or at a fixed minimum amount if the balance is low. Failure to meet the minimum payment can result in late fees and higher interest charges, and potentially in a reduction of the debtor’s credit rating.

Many Finnish banks provide online banking tools that automatically calculate korttimaksut, and include reminders to help borrowers avoid missed payments. The regulation of korttimaksut is aimed at consumer protection, ensuring transparency and preventing a single payment from becoming a risk for over-indebtedness. The system mirrors similar practices in many European countries, where minimum payment regulations are designed to balance lender risk with borrower ability.