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Changes in Minimum payments ???

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Frequent Contributor

Changes in Minimum payments ???

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????

Message 1 of 6
5 REPLIES 5
Moderator Emeritus

Re: Changes in Minimum payments ???


@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????


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".

Message 2 of 6
Super Contributor

Re: Changes in Minimum payments ???

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

Message 3 of 6
Senior Contributor

Re: Changes in Minimum payments ???

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.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 4 of 6
Valued Contributor

Re: Changes in Minimum payments ???


@MarineVietVet wrote:

@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????


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.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Message 5 of 6
Regular Contributor

Re: Changes in Minimum payments ???


@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.

BK to fall off 2/12 - DONE!
myFICO (6-14-11): EX ?, EQ 684, TU 713
FICO (5-17-12): EX: 731
CreditSecure FAKOs (6-14-11): EX 745, EQ 661, TU 654
CreditSecure FAKOs (5-17-12): EX 732, EQ 671, TU 697
Goal: 760 across the board
Message 6 of 6
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