Has anyone's minimum payments gone up?

iVillage Member
Registered: 04-09-2003
Has anyone's minimum payments gone up?
5
Wed, 08-03-2005 - 11:25pm

Just a question.

I heard that many credit card companies back in April of this year were raising the minimum payment to at least 4% of the total amount due each month. Has this happened to anyone yet? I think one person here posted their Bank of America payment doubled. Anyone else?

Julia

Julia

Proud Mommy of Macey and Reece

iVillage Member
Registered: 03-31-2003
Thu, 08-04-2005 - 7:16am

Not yet...my BOA minimum is still $25ish on a $1300 balance. That's only 2%.

BK




Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 08-04-2005 - 8:12am

I'm not 100% sure since I did some shuffling with the balances and when that happens the minimum payment *always* goes up.


BUT when I was calling the CC companies because I got notice they were going to raise my interest rate and I said No thanks :) with saying to close account, etc... which then in turn made them lower my interest rate to a rate even lower than original during all of that, I was informed that the minimum payment was going to increase to 3% I think it was.


iVillage Member
Registered: 08-19-2003
Thu, 08-04-2005 - 8:17am

So far (not that I have noticed) our minimums have stayed the same percentage.

Shannon

Shannon


Pregnancy%20ticker
iVillage Member
Registered: 05-30-2003
Thu, 08-04-2005 - 2:25pm

Not that I've noticed. The 3 credit card companies that we have our cards through are MBNA (2 cards); AT&T (the one I use to just do balance transfers); and Target. If any have/will, it would be the Target card. I noticed that the minimum payment seemed higher last month, but didn't figure out the percentage.

Lisa

iVillage Member
Registered: 03-27-2003
Thu, 08-04-2005 - 2:38pm

Our BOA card minimum went up. I need to get rid of all of them.

Dana