Changes in Minimum payments ???

[Cleanmachine]

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????

[MarineVietVet]

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@Cleanmachine 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????

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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".

[DI]

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

[Walt_K]

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.

[Anonymous]

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@MarineVietVet wrote:

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@Cleanmachine 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????

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

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I don't have that notification yet. 

     Blue Cash Everyday(SM)

New Balance                           $23.99

Minimum Payment Due        $15.00

Mine too.

[Anonymous]

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@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.

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