topic Re: Changes in Minimum payments ??? in Credit Cards

Changes in Minimum payments ???

Anonymous — Tue, 14 Jun 2011 19:21:00 GMT

Received notices that American Express has changed the terms of their minimum payment. Effective August 1, 2011 the new minimum payment

will be at least $35.00.

Also my HSBC minimum payment has changed to at least $25.00 effective August 3, 2011.

Wonder whats going on with this new minimum payments from the Credit Card Compines????

Re: Changes in Minimum payments ???

MarineVietVet — Tue, 14 Jun 2011 19:23:10 GMT

@Anonymous wrote:
Received notices that American Express has changed the terms of their minimum payment. Effective August 1, 2011 the new minimum payment
will be at least $35.00.

Also my HSBC minimum payment has changed to at least $25.00 effective August 3, 2011.

Wonder whats going on with this new minimum payments from the Credit Card Compines????

I don't believe it's all that new. Last year Discover changed their minimum payment (at least for me) to $40.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Changes in Minimum payments ???

DI — Tue, 14 Jun 2011 19:28:37 GMT

I saw that notice in my June's statement. Another reason to charge only what can be PIF monthly.

Re: Changes in Minimum payments ???

Walt_K — Tue, 14 Jun 2011 19:42:00 GMT

Doesn't it have something to do with Card Act? I thought there was a thread a while back that said over-limit and late fees couldn't be more than the minimum payment, so companies were increasing their minimum payments in order to keep their other fees higher.

Re: Changes in Minimum payments ???

Anonymous — Tue, 14 Jun 2011 20:59:17 GMT

@MarineVietVet wrote:
@Anonymous wrote:
Received notices that American Express has changed the terms of their minimum payment. Effective August 1, 2011 the new minimum payment
will be at least $35.00.

Also my HSBC minimum payment has changed to at least $25.00 effective August 3, 2011.

Wonder whats going on with this new minimum payments from the Credit Card Compines????
I don't believe it's all that new. Last year Discover changed their minimum payment (at least for me) to $40.

I don't have that notification yet.

Blue Cash Everyday(SM)

New Balance $23.99

Minimum Payment Due $15.00

Mine too.

Re: Changes in Minimum payments ???

Anonymous — Tue, 14 Jun 2011 21:04:06 GMT

@Walt_K wrote:
Doesn't it have something to do with Card Act? I thought there was a thread a while back that said over-limit and late fees couldn't be more than the minimum payment, so companies were increasing their minimum payments in order to keep their other fees higher.

Yes. Though I don't know the details.. There was some verbage in my last statement abou it.