Can they do this??

Avatar for cherfer
iVillage Member
Registered: 11-11-2003
Can they do this??
1
Thu, 01-27-2005 - 8:34pm

Recently I transferred some of my debt to a lower interest rate card. It's actually my boyfriend's card, but we agreed that I would transfer some of it there and pay it off. So, I still have a balance on the original card. After we made the transfer early this month, I got my next bill and noticed that the minimum payment had not gone down. I called to find out why, and they said that they changed the way they calculate the minimum payment. I said, I never got any letter about this, why was it changed? He said, it was a "business decision". I don't understand how they can just change the terms of my account like that.
I want to write a letter of complaint, but I want to get my facts straight first. Does anyone know if this is a normal occurrence? Can they do that?

Thanks
Cheryl

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Fri, 01-28-2005 - 9:55am

Unfortunately Cheryl,


Credit cards can basically do whatever they want when they want to.