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Headlines and Commentary

Credit Card Raises Minimum Payment Calculation,
2 Times The Original Calculation

Debra J.M. Smith
July 1, 2009
Updated: July 9th 

 


Imagine our surprise when we received a Chase Bank Change In Terms notice, which notified us of an increase to our consolidation credit card minimum payment calculation to 2 times the original.

We had consolidated, a couple years back and were now down to just over a $10,500.00 balance.
The 1.99% till-paid-in-full percentage rate that we took advantage of, a couple years ago, protected us from a rate increase. Or did it?

The increase in our minimum payment, as per this Change In Terms, would increase our payments by over $300.00 a month. That, which was $215.00 in our June household budget would be over $500.00 in August's.

We learned quickly, over the phone, that there is a way to get our monthly payments back down to that, which we could more comfortably afford. All we have to do is agree to a higher percentage rate and to be placed on a "Balance Liquidation Program."

As I said, you can imagine our surprise. It will now cost us thousands of dollars in interest that otherwise we would not have had to pay, in order to have reasonable payments continue and not risk our credit score being harmed.

We were told that this was for us, to help us get the card paid off more quickly. How so, if we cannot pay it? We were also told that millions of people across the country, will be affected by this change in terms.

07-09-09 UPDATE: Today, I was put through to a very nice lady from Chase bank, who not only got our payments down to under what we were paying before, but got us a 0% rate till the end of a five year program that will pay the ballance off. So, if you find yourself in a spot with a change-in-terms on a credit card, keep calling till you get someone to help you, as this gal helped us. May God bless her.


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 Debra J.M. Smith

 
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