Anyone else's Minimum payment go up 4x?

[sarge12]

I also seem to remember some terms and conditions bein worded funny. Some say minimum is for instance the higher of 25 dollars or 3% of outstanding balance. Others I seem to remember being worded like 25 dollars plus 3% of the balance over 25 dollars. Both convey that regardless of a low balance it will be at least 25 dollars if the balance is over 25 dollars. Worded as 3% with minimum of 25 makes it 30 dollars on a 1000 dollar balance. If worded as 25 plus 3% of amount over 25, it would be 25 + 3% of the remaining 975 or 29.25 which would make the minimum payment on 1000 be 54.25. These figures are just for illustration, but many cards have 3% of balance in the mix. I have never even seen one over 5% except charge cards. In either case the way of calculating the minimum is clearly stated in the terms and conditions. I also get a notice in the mail for major changes in terms, along with wording to not agree to the new terms by cancelling the card.

[Brian_Earl_Spilner]

Seems like a computer glitch that added an extra 0 to the payment calculation. What did cap1 say about it.

[Anonymous]

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@Brian_Earl_Spilner wrote:

Seems like a computer glitch that added an extra 0 to the payment calculation. What did cap1 say about it.

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OP said the normal was $39, so $16.XX would be low.  

Are there any unusual charges (or rather categorized as an unusual type).   I don't know what must be paid off immediately apart from OTL charges, but maybe something like that.   As others have said, usually min payment calculations are part of the T&Cs and cannot be changed with no notice.

But only Cap One can answer the question.

[Trudy]

Yep, sounds kinda wonky.  But we find new information here everyday and it is a print screen of an actual statement.  Wondering if past experience is playing a part regarding how current and on time you are to date.  I noticed in your sig there's a BK.  Anyone else with their most recent (as in May due date) have a BK on file or other derogs still on your credit report?  Just trying to figure out if this is a new result based on certain criteria with C1.

Although it may be a glitch, with the current uncertainty I wouldn't be surprised by some creditors coming up with their own algorithm to determine risk, whatever they consider that to be.

[Brian_Earl_Spilner]

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

Seems like a computer glitch that added an extra 0 to the payment calculation. What did cap1 say about it.

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OP said the normal was $39, so $16.XX would be low.  

Are there any unusual charges (or rather categorized as an unusual type).   I don't know what must be paid off immediately apart from OTL charges, but maybe something like that.   As others have said, usually min payment calculations are part of the T&Cs and cannot be changed with no notice.

But only Cap One can answer the question.

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I meant minimum payment would normally be about 3% of the balance. The payment showing is 34.5%. I didn't do any math or guess about the apr, which could also be calculated incorrectly from a glitch. 3 > 30%

[Jnbmom]

That would drive me nuts, I would have to call...............................

[Anonymous]

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@Trudy wrote:

Yep, sounds kinda wonky.  But we find new information here everyday and it is a print screen of an actual statement.  Wondering if past experience is playing a part regarding how current and on time you are to date.  I noticed in your sig there's a BK.  Anyone else with their most recent (as in May due date) have a BK on file or other derogs still on your credit report?  Just trying to figure out if this is a new result based on certain criteria with C1.

Although it may be a glitch, with the current uncertainty I wouldn't be surprised by some creditors coming up with their own algorithm to determine risk, whatever they consider that to be.

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They cannot change the terms of minimum payments due without 45 days of prior notice. This is a protection provided by the CARD Act. 

OP needs to call Capital One. 

[Gladius]

Annual fee due?

[gdale6]

Anything overlimit is due with the next payment, did you take it overlimit?

[GApeachy]

Are you checking via phone app?  If so, go check via laptop and pull the stmt.  Your stmt. is missing the "Interest Saver payment" directly underneath "new balance" and "minimum payment due".  

It could be different but I'd check that way first before reaching out to them.  Could be a glitch.