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DISCOVER CARD CHANGES IN TERMS

Frequent Contributor

DISCOVER CARD CHANGES IN TERMS

 We are making changes to the Discover® Cardmember Agreement.

 

 We are also making changes to your Minimum Payment Due calculation, which may result in a lower required monthly payment.

 

Minimum Payment Due. Effective December 1, 2012, we are changing the Minimum Payment Due calculation, which may result in a lower required monthly payment. This change applies to any Minimum Payment Due that is calculated for the billing period that starts on or after December 1, 2012. We are replacing the "Minimum Payment Due" section of your Cardmember Agreement with the following:

"Minimum Payment Due. You may pay the entire New Balance shown on your billing statement at any time. Each billing period you must pay at least the Minimum Payment Due by the Payment Due Date shown on your billing statement. The Minimum Payment Due will be any amount past due plus the greater of:

- $35; or
- 2% of the New Balance shown on your billing statement; or
- Any Interest Charges and Late Fee shown on your billing statement, plus $20.

The Minimum Payment Due may also include amounts by which you exceed your Account credit line. However, it will never exceed the New Balance. When we calculate the Minimum Payment Due, we may subtract from the New Balance certain fees added to your Account during the billing period. The Minimum Payment Due is rounded up to the nearest dollar."

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4 REPLIES
Contributor

Re: DISCOVER CARD CHANGES IN TERMS


Cleanmachine wrote:

 We are making changes to the Discover® Cardmember Agreement.

 

 We are also making changes to your Minimum Payment Due calculation, which may result in a lower required monthly payment.

 

Minimum Payment Due. Effective December 1, 2012, we are changing the Minimum Payment Due calculation, which may result in a lower required monthly payment. This change applies to any Minimum Payment Due that is calculated for the billing period that starts on or after December 1, 2012. We are replacing the "Minimum Payment Due" section of your Cardmember Agreement with the following:

"Minimum Payment Due. You may pay the entire New Balance shown on your billing statement at any time. Each billing period you must pay at least the Minimum Payment Due by the Payment Due Date shown on your billing statement. The Minimum Payment Due will be any amount past due plus the greater of:

- $35; or
- 2% of the New Balance shown on your billing statement; or
- Any Interest Charges and Late Fee shown on your billing statement, plus $20.

The Minimum Payment Due may also include amounts by which you exceed your Account credit line. However, it will never exceed the New Balance. When we calculate the Minimum Payment Due, we may subtract from the New Balance certain fees added to your Account during the billing period. The Minimum Payment Due is rounded up to the nearest dollar."


I saw that on the site.  Nice email warning they sent out about it as well.  But since I pay my balance in full each month its just a bunch of bla, bla, bla to me.

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
Message 2 of 5
Senior Contributor

Re: DISCOVER CARD CHANGES IN TERMS

This was included in my new Discover account already... Don't forget.. If you have bal xfers, that adds a $40 extra payment to your min pmt lol
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 3 of 5
Frequent Contributor

Re: DISCOVER CARD CHANGES IN TERMS

Thanks for the info.

Message 4 of 5
Highlighted
Senior Contributor

Re: DISCOVER CARD CHANGES IN TERMS

:-)
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 5 of 5