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Received notices that American Express has changed the terms of their minimum payment. Effective August 1, 2011 the new minimum payment
will be at least $35.00.
Also my HSBC minimum payment has changed to at least $25.00 effective August 3, 2011.
Wonder whats going on with this new minimum payments from the Credit Card Compines????
@Cleanmachine wrote:Received notices that American Express has changed the terms of their minimum payment. Effective August 1, 2011 the new minimum payment
will be at least $35.00.
Also my HSBC minimum payment has changed to at least $25.00 effective August 3, 2011.
Wonder whats going on with this new minimum payments from the Credit Card Compines????
I don't believe it's all that new. Last year Discover changed their minimum payment (at least for me) to $40.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
I saw that notice in my June's statement. Another reason to charge only what can be PIF monthly.
Doesn't it have something to do with Card Act? I thought there was a thread a while back that said over-limit and late fees couldn't be more than the minimum payment, so companies were increasing their minimum payments in order to keep their other fees higher.
@MarineVietVet wrote:
@Cleanmachine wrote:Received notices that American Express has changed the terms of their minimum payment. Effective August 1, 2011 the new minimum payment
will be at least $35.00.
Also my HSBC minimum payment has changed to at least $25.00 effective August 3, 2011.
Wonder whats going on with this new minimum payments from the Credit Card Compines????
I don't believe it's all that new. Last year Discover changed their minimum payment (at least for me) to $40.
I don't have that notification yet.
@Walt_K wrote:Doesn't it have something to do with Card Act? I thought there was a thread a while back that said over-limit and late fees couldn't be more than the minimum payment, so companies were increasing their minimum payments in order to keep their other fees higher.
Yes. Though I don't know the details.. There was some verbage in my last statement abou it.