Moderator Emeritus
Posts: 5,267
Registered: ‎03-18-2008

New credit card statement

I just received my new CC statement from B of A that reflects the new Credit CARD Act requirements.  At the top of the statement is a table that tells me how long it would take to pay off the balance (about $2100) if made only the minimum payment - 14 years, at a cost of ~$3400 in interest payments.  If I pay $67 a month, it will take 3 years, with about $2400 in interest.


I always PIF, so the info isn't relevant to me, but I did find it kind of interesting.

Regular Contributor
Posts: 184
Registered: ‎10-26-2008

Re: New credit card statement

I think that's fantastic, especially for those of us who aren't that great at math. Maybe it will help encourage more folks to PIF when they see how much they're paying in interest.
Regular Contributor
Posts: 155
Registered: ‎07-25-2008

Re: New credit card statement



I know this part of the CARD act will help a lot of people to see what they are paying as far as interest goes......

Amex ZYNC - Amex BCP - Amex Mercedes-Benz - Amex PRG - Amex TrueEarnings - Emigrant Direct Visa - Xcel FCU Visa - Walmart Discover - Sam's Club Discover - Macy's - Bloomingdales - Nordstrom - Sam's Club CC - Discover IT and US Bank Visa FlexPerks, CitiHHonors Sig Visa - NAVcheck, NAVcashRewards Sig Visa, NAVgoRewards MC, Chase Amazon VISA and BoA CashRewards VISA
Regular Contributor
Posts: 115
Registered: ‎04-30-2008

Re: New credit card statement

My Chase card statement said that if I only paid the minimum ($81 on a $4000 balance 15.24% interest rate) it would be paid off in 25 years!!  By paying $143 a month it would be paid in 3 years!  Good thing I pay $150 each month and will have the balance paid off at the end of July.


I find this information very helpful on the new statements, but somewhat sad when it puts in perspective the amount of debt I have :smileysad:

Starting Score: 703
Current Score: 7/8/10: TU - 738 EQ - 750
Previous Score: 1/22/10: TU - 703 EQ - 714
Goal Score: 750

Take the FICO Fitness Challenge
Super Contributor
Posts: 5,744
Registered: ‎01-28-2008

Re: New credit card statement

I still haven't seen any new implications of the credit card act on my statements.  My balances are all zero so that could be the reason..

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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+