Credit Card Increase on Minimum Payment
Author: usmsci
Posted: Tue Jul 25, 2006 3:59 pm
Post subject: Which CC's raised their minimum payment??
In January there was talk about CC's raising the minimum payments on balances , doubling them. which CC's actually did this? does someone have a link to verify this? thanks!
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Author: TomfromCT
Posted: Tue Jul 25, 2006 4:35 pm
Post subject: Re: Which CC's raised their minimum payment??
[quote="usmsci"]In January there was talk about CC's raising the minimum payments on balances , doubling them. which CC's actually did this? does someone have a link to verify this? thanks![/quote]
I have heard about this but it hasnt happened to me. 1% is about all I am required to pay back on my cards.
Author: mouse
Posted: Tue Jul 25, 2006 8:53 pm
Post subject: Re: Which CC's raised their minimum payment??
Quote:
"usmsci"
In January there was talk about CC's raising the minimum payments on balances , doubling them. which CC's actually did this? does someone have a link to verify this? thanks!
Most of mine are 1% or 2% (+ inrerest)
SCARE TACTICS WERE SAYING LIKE 4% or 5% (+ interest)
Author: EasyRhino
Posted: Wed Jul 26, 2006 12:58 am
Post subject:
I think I saw a thread on this on fatwallet.
for those who saw changes, the minimums were modified to also include previous finance charges and fees. So if you're maxed out and paying fees and exorbitant APR at least there's a better chance a minimum payment will at least reduce your balance slightly.
However, for more regular situations, I think 1-2% is still common, with a minimum as low at $10. (saw an app for one little card that had a $50 min)
Author: Evilbunny
Posted: Wed Jul 26, 2006 8:52 am
Post subject: Credit Card Increase on Minimum Payment
Chase has implemented the new minimum payment
it's 2% OR 1% of your balance plus fees and finance charges, whichever is greater.
which means you dont actually see the change unless your apr is high
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Jul 25, 2006 3:59 pm
Post subject: Which CC's raised their minimum payment??
In January there was talk about CC's raising the minimum payments on balances , doubling them. which CC's actually did this? does someone have a link to verify this? thanks!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: TomfromCT
Posted: Tue Jul 25, 2006 4:35 pm
Post subject: Re: Which CC's raised their minimum payment??
[quote="usmsci"]In January there was talk about CC's raising the minimum payments on balances , doubling them. which CC's actually did this? does someone have a link to verify this? thanks![/quote]
I have heard about this but it hasnt happened to me. 1% is about all I am required to pay back on my cards.
Author: mouse
Posted: Tue Jul 25, 2006 8:53 pm
Post subject: Re: Which CC's raised their minimum payment??
Quote:
"usmsci"
In January there was talk about CC's raising the minimum payments on balances , doubling them. which CC's actually did this? does someone have a link to verify this? thanks!
Most of mine are 1% or 2% (+ inrerest)
SCARE TACTICS WERE SAYING LIKE 4% or 5% (+ interest)
Author: EasyRhino
Posted: Wed Jul 26, 2006 12:58 am
Post subject:
I think I saw a thread on this on fatwallet.
for those who saw changes, the minimums were modified to also include previous finance charges and fees. So if you're maxed out and paying fees and exorbitant APR at least there's a better chance a minimum payment will at least reduce your balance slightly.
However, for more regular situations, I think 1-2% is still common, with a minimum as low at $10. (saw an app for one little card that had a $50 min)
Author: Evilbunny
Posted: Wed Jul 26, 2006 8:52 am
Post subject: Credit Card Increase on Minimum Payment
Chase has implemented the new minimum payment
it's 2% OR 1% of your balance plus fees and finance charges, whichever is greater.
which means you dont actually see the change unless your apr is high
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 9:42 PM
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