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Author: dhc81
Joined: 05 Jan 2004
Posts: 1
Posted: Mon Jan 05, 2004 6:57 pm
Post subject: Cardmember Agreement Translation
Hello all! I recently enrolled in a 0 % BankOne Platinum Visa card. I did this because I am planning on financing part of a major purchase. I am being very careful about this and while reading through the cardmember agreement I came upon the "Minimum Payment" section and a sentence jumped out at me: "If the New Balance is $10 or less, your min pmt due will be the New Balance. Otherwise, it will be any amount past due; plus the greater of $10 and 2% of the New Balance." The second sentence - does that mean that if I was to make a payment the first month after the purchase (not full payment), will the next billing cycle require the full balance amount remaining to be paid? For example, I make a $2,000 purchase, pay $500 the first month. Will the next month min pmt be $1,500? Basically throwing out the zero % if I dont pay that amount?
Thank you,
David
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Joined: 05 Jan 2004
Posts: 1
Posted: Mon Jan 05, 2004 6:57 pm
Post subject: Cardmember Agreement Translation
Hello all! I recently enrolled in a 0 % BankOne Platinum Visa card. I did this because I am planning on financing part of a major purchase. I am being very careful about this and while reading through the cardmember agreement I came upon the "Minimum Payment" section and a sentence jumped out at me: "If the New Balance is $10 or less, your min pmt due will be the New Balance. Otherwise, it will be any amount past due; plus the greater of $10 and 2% of the New Balance." The second sentence - does that mean that if I was to make a payment the first month after the purchase (not full payment), will the next billing cycle require the full balance amount remaining to be paid? For example, I make a $2,000 purchase, pay $500 the first month. Will the next month min pmt be $1,500? Basically throwing out the zero % if I dont pay that amount?
Thank you,
David
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posted by CardRatings.com at 3:10 PM
1 Comments:
Author: Guest
Posted: Mon Jan 05, 2004 7:42 pm
"If the New Balance is $10 or less, your min pmt due will be the New Balance. Otherwise, it will be any amount past due; plus the greater of $10 and 2% of the New Balance."
I'm not sure what you're getting at. You only have to pay the entire balance when it's below $10.00. Otherwise the minimum payment is the greater of 2% or $10.00.
If as you say your first balance was $2,000 and you paid $500 the first month, then your second month's balance would be $1500 (at 0% interest). Your minimum payment would then be 2% of that - $30.00.
Your min payment becomes $10.00 when 2% of your balance would be less than $10.00. ($10.00 being the greater of the two) You get into that range when your balance is below $500.
Hope that was helpful.
Vribbly
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