Anyone get their minimum increased??
Find a Conversation
Anyone get their minimum increased??
| Tue, 12-13-2005 - 11:27pm |
MBNA said they would be raising the monthly minimums from 1% to "up to 5%" of my balance, starting with the December statement. I still have a couple of days until the December bill will print, and I can go online and see what my new minimum will be....and it's driving me bonkers just waiting! I am dreading seeing a $470 minimum, which would be 5% of what I currently owe.
Has anyone else seen their minimums go up?? I don't mind an increase--just not 5%! LOL!
Pat

Pages
We have a Bank of America card that has been on a payment plan...we're paying $100 a month on a $2500 balance (they dropped the interest to 12% from 29% and took away the late and overlimit charges, so it was a sweet deal since the balance was actually going UP a few dollars a month before, even though we weren't using it).
I don't have any idea. Although I did notice that my Bank of America card increased another $6.00 with the last payment. I'm hoping they keep raising slowly if it keeps going up. It's scary to think that the minimum payment on the card could be as high as $500 if it goes up to a 5% payment a month. I'm not quite ready to face that. Right now it's at 2.53% which increased from 2.45% last month.
The only thing I can do is keep chipping away at my debt and hope that by the time they get the minimums raised I'll have paid off a few other debts and been able to cut out some other expense. It would be ideal if they would keep it low until I get moved in July but we'll see.
The other thing I noticed is that they raised my interest rate a bit on it, which ticks me off to no end. All my cards seem to be going up with their interest charges. It's like they're trying to drive me insane. Hello CC companies I'm trying to pay this down stop trying to slow me down.
I am grateful that the government is trying do something about all the debt that people are getting into, I just wish they had done more than just decide to increase minimums...like maybe put a cap on what kind of interest we are charged every month.
Never again is my mantra at this point.
My minimum increased a few dollars two between my December and my January bills, which surprised me since my balance is about $600 less. I looked at the interest rate, though, and there was a .25% increase, probably from the last time the Feds raised the interest rates, so that's probably the cause.
Pat :-D
My MBNA card went up from 15.00 to 51.00 which is 1% of what we owe. I thought that was odd, since I very much doubt that they really want you to pay the balance off before their interest rate goes up -- we have 0% until August. I would think that they would prefer that we still owe $$$ when August turns up -- I wonder if this is because Bank of America bought MBNA? Hopefully we'll get the 5,000.00 paid off by August. I hate to think of what will happen if we don't. So far AT&T and Captital One haven't raised rates. If (when) I ever get this stuff paid off, I will never ever ever use credit cards again.
Megan
I'm with you there! I will never use credit cards again unless I need that 'buyer's protection' that comes with them (for big purchases), AND I am 100% sure that I can pay off the whole amount of my purchases.
Pat
Ain't that that truth. Never again will I use a credit card for everyday purchases that can be put off. I have cut up all but one of my cards. Well that's not exactly true, I just got another card that I moved some of my debt over to for a lower interest rate that I haven't cut up yet. I haven't activated it yet either. I plan on cancelling it once I get it paid off though. I wish I could find a card that I could transfer all my cc debt too but that would be a huge balance. Maybe once I get things paid down a bit.
Sadly, I am still using one of my cards in order to pay for shipping on all the things that I am selling but I have already sent one payment in and will be sending another payment in once I get paid again. I should have all these new charges paid off before the next bill cycle comes. If my selling continues that this rate, I'll have re-evaluate how I'm paying for postage. I thus far have been able to keep pretty good tabs on what I owe to the credit card company but what if I loose track?
Pages