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AMEX MIN DUE CHANGES

Established Contributor

AMEX MIN DUE CHANGES

Minimum Payment Due We are changing how we calculate your Minimum Payment Due. Your Minimum Payment Due will be at least $35. However, it will not exceed the New Balance shown on the statement. Also, if your New Balance on a statement exceeds your credit limit, we will add 1/24th of the overlimit amount to your Minimum Payment Due. Effective August 1, 2011 To calculate the Minimum Payment Due for each statement, we start with the highest of the following three amounts: (1) 2% of the New Balance (excluding any overlimit amount and late fees on the statement); or (2) interest charged on the statement plus 1% of the New Balance (excluding any overlimit amount, late fees and interest on the statement), not to exceed 4% of the New Balance; or (3) $35. Then we add any late fees shown on the statement and 1/24th of any overlimit amount, round to the nearest dollar, and add any amount past due. However, your Minimum Payment Due will not exceed your New Balance
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Valued Contributor

Re: AMEX MIN DUE CHANGES


@plasticguy wrote:
Minimum Payment Due We are changing how we calculate your Minimum Payment Due. Your Minimum Payment Due will be at least $35. However, it will not exceed the New Balance shown on the statement. Also, if your New Balance on a statement exceeds your credit limit, we will add 1/24th of the overlimit amount to your Minimum Payment Due. Effective August 1, 2011 To calculate the Minimum Payment Due for each statement, we start with the highest of the following three amounts: (1) 2% of the New Balance (excluding any overlimit amount and late fees on the statement); or (2) interest charged on the statement plus 1% of the New Balance (excluding any overlimit amount, late fees and interest on the statement), not to exceed 4% of the New Balance; or (3) $35. Then we add any late fees shown on the statement and 1/24th of any overlimit amount, round to the nearest dollar, and add any amount past due. However, your Minimum Payment Due will not exceed your New Balance

Thanks for posting ~

Well, for most of us who are PIF every month ... this change does not matter.  It only affects when you carry the balance.

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It's very tough with small income ~ The Rewards are big little helper to me.
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