topic AMEX change in minimum payment - can you make heads or tails of this? in Credit Cards

AMEX change in minimum payment - can you make heads or tails of this?

Anonymous — Wed, 12 Sep 2007 13:38:07 GMT

This was in my billing statement:

"Amount Due

Each billing statement will reflect a New Balance and an Amount Due. The "Amount Due" is the total of (i) all Charges on your Account

other than those associated with Features, plus (ii) the Flexible Minimum Amount Due (described below) for any Charges associated with

Features, plus (iii) any portion of any previously billed Amount Due that remains unpaid. The Amount Due is due and payable once you

receive the billing statement.

Flexible Minimum Amount Due

If you have Charges associated with Features on the Closing Date of the billing statement ("Flexible New Balance"), your billing statement

will reflect a Flexible Minimum Amount Due ("Minimum Amount Due"). Payment is due by the time and date shown and in the manner

prescribed on the statement. The Minimum Amount Due will not exceed your Flexible New Balance. You may pay more than the

Minimum Amount Due, up to the entire outstanding balance, at any time. To calculate the Minimum Amount Due, we take the greatest of

the following amounts and round the result to the nearest whole dollar:

(a) 2% of the Flexible New Balance;

(b) the lesser of:

(i) current billed Finance Charges plus 1% of the Flexible New Balance (excluding finance charges from the Flexible New Balance), or

(ii) 4% of the Flexible New Balance; or

Adjusted Minimum Amount Due
Summary:
If you consistently pay more than the Minimum Amount Due outlined above, and you have paid your amounts due in full, we

may calculate your minimum payment without the additional 1% of the balance referenced in (b)(i). If we do this, and finance charges are

more than 2% of the Flexible New Balance, we may add $15 to your minimum payment. For information about how this works, read the

detailed description below.

Detailed Description:
We may adjust the outlined calculation above by removing "plus 1% of the Flexible New Balance" in (b)(i). After

the adjustment, if your Minimum Amount Due is equal to the current billed Finance Charges, we will increase your Minimum Amount Due by

$15.

We will apply the adjusted calculation to your Account if:

the sum of your payments (credited to your Flexible New Balance in the six consecutive billing periods ending with the Closing Date

of the current billing period) is greater than the sum of the Minimum Amounts Due (for the six consecutive billing periods ending with

the Closing Date of the previous billing period, not using the adjusted calculation and including the amount past due in only the first

of those six periods);

the sum of the Minimum Amounts Due is equal to the sum of your payments (defined above) and it is less than or equal to $120;

the sum of the Minimum Amounts Due is zero and we used the adjusted calculation in the last billing period when your Minimum

Amount Due was not zero; or

it is the first billing period ending on or after November 16, 2007, and your Account was opened before that date.

If we adjust your Minimum Amount Due, we will do so for at least six billing periods, and if we stop adjusting your Minimum Amount Due, we

will not adjust it again for at least six billing periods, regardless of your payment history."

Re: AMEX change in minimum payment - can you make heads or tails of this?

Anonymous — Wed, 12 Sep 2007 13:46:24 GMT

Phouchg wrote:
This was in my billing statement:

"Amount Due
Each billing statement will reflect a New Balance and an Amount Due. The "Amount Due" is the total of (i) all Charges on your Account
other than those associated with Features, plus (ii) the Flexible Minimum Amount Due (described below) for any Charges associated with
Features, plus (iii) any portion of any previously billed Amount Due that remains unpaid. The Amount Due is due and payable once you
receive the billing statement.
Flexible Minimum Amount Due
If you have Charges associated with Features on the Closing Date of the billing statement ("Flexible New Balance"), your billing statement
will reflect a Flexible Minimum Amount Due ("Minimum Amount Due"). Payment is due by the time and date shown and in the manner
prescribed on the statement. The Minimum Amount Due will not exceed your Flexible New Balance. You may pay more than the
Minimum Amount Due, up to the entire outstanding balance, at any time. To calculate the Minimum Amount Due, we take the greatest of
the following amounts and round the result to the nearest whole dollar:
(a) 2% of the Flexible New Balance;
(b) the lesser of:
(i) current billed Finance Charges plus 1% of the Flexible New Balance (excluding finance charges from the Flexible New Balance), or
(ii) 4% of the Flexible New Balance; or
(c) $20.
Adjusted Minimum Amount Due
Summary:
If you consistently pay more than the Minimum Amount Due outlined above, and you have paid your amounts due in full, we
may calculate your minimum payment without the additional 1% of the balance referenced in (b)(i). If we do this, and finance charges are
more than 2% of the Flexible New Balance, we may add $15 to your minimum payment. For information about how this works, read the
detailed description below.
Detailed Description:
We may adjust the outlined calculation above by removing "plus 1% of the Flexible New Balance" in (b)(i). After
the adjustment, if your Minimum Amount Due is equal to the current billed Finance Charges, we will increase your Minimum Amount Due by
$15.
We will apply the adjusted calculation to your Account if:
the sum of your payments (credited to your Flexible New Balance in the six consecutive billing periods ending with the Closing Date
of the current billing period) is greater than the sum of the Minimum Amounts Due (for the six consecutive billing periods ending with
the Closing Date of the previous billing period, not using the adjusted calculation and including the amount past due in only the first
of those six periods);
the sum of the Minimum Amounts Due is equal to the sum of your payments (defined above) and it is less than or equal to $120;
the sum of the Minimum Amounts Due is zero and we used the adjusted calculation in the last billing period when your Minimum
Amount Due was not zero; or
it is the first billing period ending on or after November 16, 2007, and your Account was opened before that date.
If we adjust your Minimum Amount Due, we will do so for at least six billing periods, and if we stop adjusting your Minimum Amount Due, we
will not adjust it again for at least six billing periods, regardless of your payment history."

Sounds like you need to send them a blank check and let their computer fill in the amount. Man, it this a bunch of gibberish or what?

Re: AMEX change in minimum payment - can you make heads or tails of this?

Anonymous — Wed, 12 Sep 2007 19:28:28 GMT

sleigh you are funny.. I got that notice too but for the clear card, which I do not run a balance. the only amex card i use is my blue.