hey all, So i check my mail today and their is a letter from Nordstrom Bank telling me of the changes in terms on my account. It mentions the late payment fee could be as high as $35 and it also states starting December 1, 2010 the minimum payment will go to 5%. i am pretty sure its 3% now. i do carry a balance. AAAWWW. i did notice the letter said the minimum payment is for visa signature cardholders. so did anyone else get the letter?
i got it today as well, however, i only have the store card but I just did the math - it appears my min payment on the account is already 5% of the balance (soon to be paid off!!). And I got the same language regarding the late payment can be up to $35 - sort of ambigous language **may be up to $35.00** -
so for those of you with other cards from other banks is 5% the norm these days for min. payments.? it seems kinda high to me? i don't blame nordys for moving in this direction but deep down its like your killing me. can't wait till i have a zero balance again. miss those days!
I'm pretty sure the new law requires this, or at least some increase in what it used to be. In fact, I think this went through a couple of years ago, before the Credit CARD Act, because I remember hearing about it on the radio on the way home from work. (What that has to do with anything, I dunno...)
They also have to include an "at the rate you're going" projection to force people to realize the impact of only paying minimums.
Too many consumers ran up balances and struggled to pay 1-2%.
I know it feels like they're killing you, but really, if you're carrying this large of a balance, you're killing yourself.
Good luck in your return to $0 balances!
In the long run raising the minimum on payments helps consumers because it forces them to pay down the balances faster which saves them that much more in interest. It took me quite awhile to finally understand that.
From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work