Chase Changes Min Payment Due

[plasticguy]

Received notification that has of March 15th 2011 the Min payment due will be the larger of $25, or the amount owed if less, or 1% of the new balance plus interest and fees billed on the statement. Any amounts that are past due or over the credit line will be added to the min payment due. Currently I am at 2% of the new balance

[MattH]

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@plasticguy wrote:
Received notification that has of March 15th 2011 the Min payment due will be the larger of $25, or the amount owed if less, or 1% of the new balance plus interest and fees billed on the statement. Any amounts that are past due or over the credit line will be added to the min payment due. Currently I am at 2% of the new balance

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Interesting, I checked my latest statement from Chase and they made the same change to my account as well.  I hadn't noticed this because I always pay the balance in full so I don't even look at the minimum payment.  Also my statement has a new box calculating how long it would take to pay off my balance making only the minimum payment, and what that would cost in finance charges.  I suppose these changes probably were triggered, directly or indirectly, by the new laws that just took effect.

[creditchild]

same thing happened to me today on my walmart card. my next min payment is $25.00

[OnWayUpinTexas]

Would that seem to indicate that Chase is encouraging people to keep a balance outstanding (i.e., not PIF)?  (he asks nervously with a sizeable balance on his only Chase card )

[plasticguy]

They'll make more $$ However, if you have blueprint, you will still have to pay whatever you signed up for on top of the Min due

[Imua]

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@MattH wrote:

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@plasticguy wrote:
Received notification that has of March 15th 2011 the Min payment due will be the larger of $25, or the amount owed if less, or 1% of the new balance plus interest and fees billed on the statement. Any amounts that are past due or over the credit line will be added to the min payment due. Currently I am at 2% of the new balance

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Interesting, I checked my latest statement from Chase and they made the same change to my account as well.  I hadn't noticed this because I always pay the balance in full so I don't even look at the minimum payment.  Also my statement has a new box calculating how long it would take to pay off my balance making only the minimum payment, and what that would cost in finance charges.  I suppose these changes probably were triggered, directly or indirectly, by the new laws that just took effect.

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i've seen that box/disclosure re how long it would take to pay off the balance (and how much that would cost) on all of my cc statements, includng my chase freedom,  for at least the last 4 months.   yes, i think it's part of the new rules/regulations.