anyone ever get this message from Discover ?

[awdsmama]

This is exactly what caused me to search the boards today. 

I went online to redeem my Discover IT Rewards points and noticed I had a message in the inbox and it was that same one - about raising minimum payments etc. 

Whateve helps those that carry a balance pay it off faster is good though! 

[MarineVietVet]

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@Anonymous wrote:

Isn't there some law that forces CC companies to charge a minimum payment that will actually get a card paid off eventually?  

Once upon a time CC companies would charge such a small minimum payment that you were basically paying no principle and paying all interest.

Maybe Discover had to do it, to your benefit.

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Here is a pretty good article talking about that very thing: Minimum credit card payments.

One excerpt:

"By 2005, most credit card issuers changed the way they calculated minimum payments in response to the new guidance -- typically 1 percent of the principal balance, plus fees and interest for the month, which usually equates to 2 percent of the balance overall".

[Anonymous]

Interdestating.

[Anonymous]

I got this letter with my new card last week.

[NRB525]

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@anonymous4a wrote:

Had my card for over a year now and got a 8 page pdf letter stating that they were changing my minimum payment due, the governing law; and the arbitration provisions in your agreement.  Is this common when you've had your card for over a year ? 

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You'll get this type of "change in terms" notice on all your cards eventually. The existing agreement when you open the card has to be updated over time, so it's nothng personal. I got so many from Chase over the years I just went through and requested updated agreements, which incorporate all the changes into a new readable document.

If it IS personal, you'll get a specially addressed message that calls out some change like your credit line or an interest rate and that is related to some decision they've made about your account in particular.