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Established Member
Posts: 30
Registered: ‎01-07-2010
0

Nordstrom change of terms letter?

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?

Valued Contributor
Posts: 3,017
Registered: ‎06-03-2008
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Re: Nordstrom change of terms letter?

I got a letter about a change of terms, but to be honest I just tossed it out and didn't read it.

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Valued Contributor
Posts: 1,320
Registered: ‎04-18-2009
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Re: Nordstrom change of terms 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** -

 

 


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Established Member
Posts: 30
Registered: ‎01-07-2010
0

Re: Nordstrom change of terms letter?

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!

Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Nordstrom change of terms letter?

[ Edited ]

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. Smiley Wink

 

Good luck in your return to $0 balances!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator
Posts: 17,419
Registered: ‎07-14-2009
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Re: Nordstrom change of terms letter?

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:
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TU - 10/10-774
You can do the same thing with hard work

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