Report of Increase in Minimum Credit Payments
Author: ltsjm
Posted: Mon Aug 22, 2005 7:46 am
Post subject: Increase in minimum payments
The news media is continuing to report that the major credit card companies are going to increase to as much as double the current minimum payments on their accounts. We have three cards that are all currently set at 2% minimum payments. They are with Capital One, Bank of America and Chase. I have called all three and they say they have no plans to double the minimums. Are they just blowing smoke to keep us from trying to pay them off or are they really telling the truth? I cannot seem to reconcile what they are telling me with what is in the news.
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Author: Board Monitor
Posted: Tue Aug 23, 2005 8:17 am
Post subject: Increase in Credit Card Minimum Payments
Greetings and welcome to the board! This is true. Each issuer will handle it (the increase) differently and they have until early next year to increase their minimums I believe. Not every issuer will go to 4%.
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Tue Aug 23, 2005 11:41 am
Post subject: Re: Increase in minimum payments
ltsjm wrote:
The news media is continuing to report that the major credit card companies are going to increase to as much as double the current minimum payments on their accounts. We have three cards that are all currently set at 2% minimum payments. They are with Capital One, Bank of America and Chase. I have called all three and they say they have no plans to double the minimums. Are they just blowing smoke to keep us from trying to pay them off or are they really telling the truth? I cannot seem to reconcile what they are telling me with what is in the news.
"IF" you can't afford minimum...are you going to afford minimum X 2
THAT IS WHY EVERYBODY IS WONDERING
Many people PIF so they don't worry...
Others like me pay 5 or 10 X min (for BT's)...5.90% and UNDER
or round up to the next $100 or so
Author: guessindigo
Posted: Tue Aug 23, 2005 10:32 pm
Post subject: Increase in Credit Card Minimum Payments
Well I don't know about the others, but I owe BofA $7600 at 0.00% and my min. is only $10. I pay 5x that amount.
Author: JaneiR36
Posted: Wed Aug 24, 2005 6:56 am
Post subject:
It's strange. MBNA converted, but my options were still:
2.25% of Balance
OR
$15 + Finance charges
whichever is LOWER.
So strange that they allow you to pay the smaller amount, doesn't seem too bad to me. Of course, the same company might have different methods of computing minimums for different customers.
I think this whole thing is also to keep customers on their toes. If you know they "might" require you to pay a large portion of your balance every month, you may think a little harder before charging. Kinda like health insurance co-pays I'm dealing with right now. With a co-pay of 20% or 40%, you bet i'm only going to be doing absolutely necessary procedures that'll get covered.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Aug 22, 2005 7:46 am
Post subject: Increase in minimum payments
The news media is continuing to report that the major credit card companies are going to increase to as much as double the current minimum payments on their accounts. We have three cards that are all currently set at 2% minimum payments. They are with Capital One, Bank of America and Chase. I have called all three and they say they have no plans to double the minimums. Are they just blowing smoke to keep us from trying to pay them off or are they really telling the truth? I cannot seem to reconcile what they are telling me with what is in the news.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor
Posted: Tue Aug 23, 2005 8:17 am
Post subject: Increase in Credit Card Minimum Payments
Greetings and welcome to the board! This is true. Each issuer will handle it (the increase) differently and they have until early next year to increase their minimums I believe. Not every issuer will go to 4%.
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Tue Aug 23, 2005 11:41 am
Post subject: Re: Increase in minimum payments
ltsjm wrote:
The news media is continuing to report that the major credit card companies are going to increase to as much as double the current minimum payments on their accounts. We have three cards that are all currently set at 2% minimum payments. They are with Capital One, Bank of America and Chase. I have called all three and they say they have no plans to double the minimums. Are they just blowing smoke to keep us from trying to pay them off or are they really telling the truth? I cannot seem to reconcile what they are telling me with what is in the news.
"IF" you can't afford minimum...are you going to afford minimum X 2
THAT IS WHY EVERYBODY IS WONDERING
Many people PIF so they don't worry...
Others like me pay 5 or 10 X min (for BT's)...5.90% and UNDER
or round up to the next $100 or so
Author: guessindigo
Posted: Tue Aug 23, 2005 10:32 pm
Post subject: Increase in Credit Card Minimum Payments
Well I don't know about the others, but I owe BofA $7600 at 0.00% and my min. is only $10. I pay 5x that amount.
Author: JaneiR36
Posted: Wed Aug 24, 2005 6:56 am
Post subject:
It's strange. MBNA converted, but my options were still:
2.25% of Balance
OR
$15 + Finance charges
whichever is LOWER.
So strange that they allow you to pay the smaller amount, doesn't seem too bad to me. Of course, the same company might have different methods of computing minimums for different customers.
I think this whole thing is also to keep customers on their toes. If you know they "might" require you to pay a large portion of your balance every month, you may think a little harder before charging. Kinda like health insurance co-pays I'm dealing with right now. With a co-pay of 20% or 40%, you bet i'm only going to be doing absolutely necessary procedures that'll get covered.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 7:23 PM
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