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Chase Minimum Payment Increased?

TyRacing
Frequent Contributor

Chase Minimum Payment Increased?

Just wondering if Chase increase the minimun payments? because my minimun payment in the pass months was $25 on both Freedom cards and just today both statments closed with a minimun payment of $35

 

Freedom balance $71

Freedom balance $544

No late payments and 0% APR on both

 

Thanks for the support

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Message 1 of 13
12 REPLIES 12
TyRacing
Frequent Contributor

Re: Chase Minimum Payment Increased?

I messaged Chase and said the following:

 

"as of September 3, 2019, your minimum payment is $35 and it's due on September 27, 2019.

 

We calculate your minimum monthly payment by adding:

  • - Any past-due amounts, PLUS
  • - Any special payment obligations related to Flexible Financing Offers that require repayment of the balance over a pre-selected number of billing periods, PLUS

The larger of:

  • - $35 (or the total amount you owe if it's less than $35), OR
  • - The sum of 1% of the new balance (including Flexible Financing Offer balances that do not have special payment obligations) and any periodic interest charges and late fees we billed you on the statement where your minimum payment is calculated.

 

I hope the information that I've provided has been helpful.

We appreciate your business, and thank you for being a Chase customer.

Thank you,"

 

I don't understand this message? What do they mean by Flexible Financing Offers?

Have the Following:



CashBack Cards Goals: Citi Rewards+

Status: Doing my Homework before I App

Note to Self: Focus on the Abundance of Love and you shall have more!

Message 2 of 13
FinStar
Moderator

Re: Chase Minimum Payment Increased?

You should have received some form of e-communication and/or snail mail regarding this change as it was announced a while back.

With regard to the sections that outline Flexible Financing Offers, that refers to any of their CCs that provide such an option such as the Chase Amazon Visa, for instance.
Message 3 of 13
PlyrStar93
Frequent Contributor

Re: Chase Minimum Payment Increased?

Yeah, I received a letter, months ago, about the minimum payment increase. My Chase cards have no 0% APR and I always pay in full so it's not some significant change for me.

 

The letter also mentioned flexible financing stuff with credit cards, while I did not take very deep research on this when I got the letter, but it looked to me that it can mess with my purchase grace period so I have no intentions of using it.

 

see https://thepointsguy.com/news/my-chase-plan-my-chase-loan/

Message 4 of 13
TyRacing
Frequent Contributor

Re: Chase Minimum Payment Increased?

do we have to agree with the changes? 

Have the Following:



CashBack Cards Goals: Citi Rewards+

Status: Doing my Homework before I App

Note to Self: Focus on the Abundance of Love and you shall have more!

Message 5 of 13
Saeren
Mega Contributor

Re: Chase Minimum Payment Increased?


@TyRacing wrote:

do we have to agree with the changes? 


Opting out of changes like this usually will result in being forced to close the account. 





Message 6 of 13
FinStar
Moderator

Re: Chase Minimum Payment Increased?

I don't recall where there was any option to opt out OP. Is the new minimum payment too steep for your budget?
Message 7 of 13
TyRacing
Frequent Contributor

Re: Chase Minimum Payment Increased?

no just trying to take advantage of the 0% APR. by using it to make some extra cash 

Have the Following:



CashBack Cards Goals: Citi Rewards+

Status: Doing my Homework before I App

Note to Self: Focus on the Abundance of Love and you shall have more!

Message 8 of 13
Saeren
Mega Contributor

Re: Chase Minimum Payment Increased?


@TyRacing wrote:

no just trying to take advantage of the 0% APR. by using it to make some extra cash 


Paying minimum on a Chase card? That’s brave. 😂 





Message 9 of 13
dberryhill
Valued Contributor

Re: Chase Minimum Payment Increased?

I think others alluded to this, but with Chase you should definitely try to pay over the minimum, even in a 0%apr window. They get skittish with just minimums.
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Message 10 of 13
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