What is the name of your state? Florida
Just thought you folks who carry a balance on your credit cards might be interested in new minimum payment due terms that are being enacted on all credit cards this year. You may have all ready recieved a change in terms notice.
The won't affect you if you pay your bill in full, you pay it oin time and are not over your credit limit.
Howver, If you are past due or over the credit limit and the bank charges a fee for either of these (most all do these days), those fees and the amount you are over the credit limit will be rolled over into the minimum payment due the next month on the account.
So, lets say you have a $50 payment due on the account and your charges for the month put your $100 over you credit limit. But for some reason, you dont pay the bill on time. So the bank charges you a $30 late fee and $25 over credit limit fee. Your new minimum payment due on your next statement will be $50/payment + $50/payment + $30/late fee + $ 25/ocl fee + $100ocl = $250/minimum payment due.
Why are banks doping this you ask? Well. Good question! It's because so many people complained to their congressman that they were making payments on their cards but the balances were never going down. True enough at minimum payments, esp when other fees start getting added in. So congress went to the banking commission and said, "look you people have to get the banks to do something about this, people are never paying their bills off"......so they did.
Now people will be PO'd because they wont be able to make the minimum payment due.
Just thought you folks who carry a balance on your credit cards might be interested in new minimum payment due terms that are being enacted on all credit cards this year. You may have all ready recieved a change in terms notice.
The won't affect you if you pay your bill in full, you pay it oin time and are not over your credit limit.
Howver, If you are past due or over the credit limit and the bank charges a fee for either of these (most all do these days), those fees and the amount you are over the credit limit will be rolled over into the minimum payment due the next month on the account.
So, lets say you have a $50 payment due on the account and your charges for the month put your $100 over you credit limit. But for some reason, you dont pay the bill on time. So the bank charges you a $30 late fee and $25 over credit limit fee. Your new minimum payment due on your next statement will be $50/payment + $50/payment + $30/late fee + $ 25/ocl fee + $100ocl = $250/minimum payment due.
Why are banks doping this you ask? Well. Good question! It's because so many people complained to their congressman that they were making payments on their cards but the balances were never going down. True enough at minimum payments, esp when other fees start getting added in. So congress went to the banking commission and said, "look you people have to get the banks to do something about this, people are never paying their bills off"......so they did.
Now people will be PO'd because they wont be able to make the minimum payment due.
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