Comments on: Are Your Credit Cards’ Minimum Payments Going Up?

By: kathy

kathy — Tue, 21 Dec 2010 21:00:46 +0000

I am SOOOOOOOOOOOOOOOO sick of (1) credit card companies RAISING MY MINIMUM PAYMENTS AND (2) JACKBUTTS who say, “Oh, but you really SHOULD pay more each month; that way you don’t pay as much in the end.” HELLOOOOOOOOOOOOOOO IDIOTS!!! When I first took out my 4 or 5 credit cards, I was TOLD WHAT THE MINIMUM PAYMENTS WOULD BE!!!!!!!!! I BUDGETED WISELY FOR A LITTLE MORE THAN THOSE MINIMUMS, BUT NOW I CANNOT AFFORD IT SINCE EVERY COMPANY HAS RAISED THEIR MINIMUMS BY DOUBLE!! My minimum monthly payments have gone up by about $100/month. Some people cannot afford that.

By: David S

David S — Mon, 16 Nov 2009 23:48:03 +0000

Although none of the rate increases seem very fair the credit card companies only care about themselves and not us. I can’t see why when people are struggling to make payments as it is to up their rates and double the minimum payments.

By: Damon Day

Damon Day — Fri, 30 Oct 2009 19:00:38 +0000

Hello JLP,

I have been reading and lurking as they say on your blog for a few months now. I thought I could go ahead and add to the conversation.

As many consumers are finding out, banks are doing everything they can to reduce their exposure right now. This includes reducing or eliminating credit lines, increasing minimum payments and raising interest rates as a leveraged tactic to encourage consumers to pay off and close accounts.

The lesson is that consumers need to try to get off a system of credit reliance as quickly as possible. Credit is a tool but it should not be a necessity. I know this is easier said than done for most consumers, but it is just a new fact of life.

Gone are the days of easy credit. At least for the foreseeable future. This credit crunch is going to be very difficult, but consumers need to get out of hawk and debt free as quickly as possible. Consumers should not rely on credit as their emergency funds, or they can wake up one morning to find it has been taken away.

By: Todd P

Todd P — Mon, 14 Sep 2009 00:53:06 +0000

They got me !!! I bought 3 acres of land that my neighbor wanted to get rid of. I got the 3.99% till the balance was paid off. I never used the card for anything else but this and was never late so I would make sure to keep the special % rate. My minimum went from $483 per month to $1083 and I wasn’t paying the minimum before this happened. Things were tight around my house before. Now I don’t know what I will do.

By: Leonard Wiles

Leonard Wiles — Fri, 28 Aug 2009 18:12:35 +0000

If you don’t like the terms don’t use the card? That’s the problem. I did like terms for a transfer for 3.99% for the life of the loan which I used for business. Now they change the terms. This is Mob stuff. If I would have known before or was able to opt out I would have done so. Again, this is pure scum business practice. The banks are now runned by the mob.

By: ManuelRC

ManuelRC — Thu, 27 Aug 2009 08:21:13 +0000

I have Fixed Rate at 3.99%. The credit card company increase from 2% to 5% the capital. I called them and gave me the following options: First, Payment the increased amount of payment (my case from $210 to $498)……… or change my fixed rate to 7.99% to lower to 2% the capital. IS IT RIGHT?……….

By: OutLaw Blondie

OutLaw Blondie — Sun, 23 Aug 2009 01:19:02 +0000

Well I am one of those that just got nailed by Chase and I had no idea that Chase planned on or could have even done this so abruptly. My $173.00 monthly min. payment that I have always PAID ON TIME and always MORE than the min. payment required, went up to $430.00 because it was a balance transfer offer for a fixed rate of 3.99 on a 8,600.00 balance that they would like to get rid of so they can lend that money out at a higher interest to others. I will struggle to make it but I really feel for others who might have to suffer a default interest rate of 30% because they ended up missing a payment due to the fact that they can’t afford the difference in payment so abruptly. Wamu was always good it seemed, but since Chase took over, it turned into as much of a Loan Shark as any Banking Institution can get. But I am not taking this lightly. Next week I will take out all the money in my 2 Chase checking accounts leaving only $12 in each and open new accounts at another bank. I will then write myself a monthly check (since I have all these leftover checks) to my new Banks for $1.00 out of the Chase accounts as a constant reminder to Chase that I am using a different bank for my business now and still keep Chase’s administrative staff busy with my FREE checking accounts. All three of my Sons will do the same with their accounts at Chase. Then I will balance transfer my other 2 Chase credit card accounts that are lower balances with higher interests to another bank. I read where banks said they are doing this so people can get out from under their debt. BS.. My other 2 Chase card accounts with a higher interest, their minimum payments didn’t change. If anyone has suggestions on ways to protest these disgusting tactics of Chase to fatten their bonuses when people are desperately struggling to just survive in this economy, Please share!!!

By: Sherry

Sherry — Thu, 20 Aug 2009 00:48:20 +0000

One year ago I signed up for a 3.99% offer from CHASE VISA for the LIFE OF THE LOAN. I have the monthly payment deducted from my bank and I am always timely. My monthly payment went from under $400.00 for August payment to OVER $900.00 expected for September’s payment. This is not reasonable! CHASE was NOT willing to provide a logical compromise only OTHER option provided was to increase my 3.99% interest rate to almost 8%. How is that helping the consumer? I was even willing to increase my monthly payment but not to over $900.00!! I used the money in 2008 to build a needed garage. This is the ONLY credit card I have with a balance and the garage was the ONLY purchase.

By: KF

KF — Tue, 18 Aug 2009 15:44:50 +0000

I don’t have a problem with the payment, but Chase lowered my limit by 6K and refused to raise it.

By: Sam

Sam — Thu, 13 Aug 2009 20:19:52 +0000

If you don’t like the way the credit card companies treat you then don’t use their products. Those of you who think that you are being so clever by getting cards with special rates (introductory, balance transfer, etc.) – guess what – the credit card companies are even more clever and they are making big bux off of you. And lastly, if the credit card company raising the minimum payment on your card causes a crimp in your budget, it is a wake up call that you are charging way too much and holding too big a balance.