02-22-2010 04:40 AM
I have a Discover Open Road card, which paid off and will only be using it for utilities as the interest rate was raised to 19.99% and I will be paying it off monthly. I previously had a balance of $900 and the minimum payment of $40. I paid it off last month and this month the balance is $100 with a minimum payment of $40.
Kind of strange. Like I said, I am paying it off in full anyway, but I couldn't find anywhere in my terms that they were raising the percentage for minimum payments. I just want to understand how my card works if by chance I ever had to carry a balance.
Thanks for the help!
02-22-2010 06:24 AM
02-22-2010 06:35 AM
02-22-2010 06:46 AM
The percentage wasn't increased, just the minimum amount. The minimum payment for a $900 balance would also have been $40.
Discover sent out notices about the new minimum in September ...
02-22-2010 06:51 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO