No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I’m about 2 years fresh out of bankruptcy. I have a handful of credit cards issued by Comenity. Lately, I’ve been receiving emails notifying me that my minimum payment has been increased. I’ve gone from $25 to $35 and, most recently, $38.
My overall usage is under 20% while most of my Comenity cards are at 0% usage. I’ve never had a late payment and always pay more than the minimum.
I’m just curious to know if anyone else has experienced the same. Is it normal to increase the minimum payment for no given reason? And , I guess, I’d like to know if
it’s possible to have the minimum pmt amount reduced? TiA!
This was the one I got yesterday so it's pretty much across the board for everyone I think
@Anonymous wrote:I’m about 2 years fresh out of bankruptcy. I have a handful of credit cards issued by Comenity. Lately, I’ve been receiving emails notifying me that my minimum payment has been increased. I’ve gone from $25 to $35 and, most recently, $38.
My overall usage is under 20% while most of my Comenity cards are at 0% usage. I’ve never had a late payment and always pay more than the minimum.
I’m just curious to know if anyone else has experienced the same. Is it normal to increase the minimum payment for no given reason? And , I guess, I’d like to know if
it’s possible to have the minimum pmt amount reduced? TiA!
Pretty sure it's across the board to offset the current rounds of default -- or to accelerate the default rate and clean up their ledgers before the next recession/ down turn
I don't typically carry a balance on Comenity issued cards because of the interest rates... if you always pay in full, then whatever you charged that month is your minimum payment.
Several banks have made changes to credit limits, APR's, late fees and minimum payments. Not 100% sure it's not my profile that has them spooked, but pretty sure it's the economy and how they expect the portfolio to ride a storm.
I have more credit available than I could repay in 20 years at this point, so I consider most of these changes "market corrections"... if a bank makes a change that I can't live with, I close the account (CreditOne notified me in January they were going to begin charging me $19 a month in fee's and raise my minimum payment to $36... I closed the account as I was tired of the dance and have better cards that don't charge to be locked in a safe.)
@Anonymous wrote:I’m about 2 years fresh out of bankruptcy. I have a handful of credit cards issued by Comenity. Lately, I’ve been receiving emails notifying me that my minimum payment has been increased. I’ve gone from $25 to $35 and, most recently, $38.
My overall usage is under 20% while most of my Comenity cards are at 0% usage. I’ve never had a late payment and always pay more than the minimum.
I’m just curious to know if anyone else has experienced the same. Is it normal to increase the minimum payment for no given reason? And , I guess, I’d like to know if
it’s possible to have the minimum pmt amount reduced? TiA!
It's like the saying, "It's not you it's me".
The "you" being YOU and the "me" being Comenity, seems like it's across the board change. I just got my notification of increased minimun payment a few days ago.
So you haven't been targeted and keep doing what you have been doing.
This is standard practice for all lenders. Mostly fees, but sometimes minimum payments and APR.
Chase raised from $25 to $35 last year. You aren't being targeted. Bank reacting to climate and risk.
I have a torrid Comenity credit card. They have increased minimum payment starting next month to $39.