How come my min pmt did NOT go up?

**Valerie in WA** · 01-24-2006, 05:32 PM

I thought all CC minimum payments were going to go up in the new year.

My balance is $7262 and my minimum payment is only $145 (actually we always pay more). That's only 2%.

It doesn't matter to me, but isn't that weird?

**Kimberlina** · 01-24-2006, 07:07 PM

The regulation actually changed in 2003, so maybe your bank already put this in effect??

Or maybe it was just always 4%, since this article says that many have lowered to 2% over time. Maybe yours didn't.

http://www.cardratings.com/creditcar...ts-rising.html

Actually, this is probably much more accurate:
http://www.emediawire.com/releases/2006/1/emw328659.htm

**SHOPGIRL** · 01-24-2006, 07:09 PM

Every bank is calculating the minimum payments differently. I just have two accounts that I pay on and the one is at 2.5%.

**missmollymayhem** · 01-25-2006, 01:48 AM

'Cuz you're lucky?

guest7 · 01-25-2006, 04:44 AM

Can't help with this one Valerie--- cuz, I don't have a cc balance. But I want to nag you and remind you that you DON'T want to be paying the minimum balance here! you've got a plan and it includes paying off the cc!

**tlenad** · 01-25-2006, 11:17 AM

I have several credit cards and all but one of them the minimum has gone up. For some reason, the Discover Card minimum hasn't gone up get. I'm paying around 2% on it as well. That being said, that's about all I'm paying as minimum on any of my cards. Some of them used to have around a 1% minimum.

I am snow balling so this makes me pretty happy. Less to pay on my lower interest cards more to pay on the higher interest cards.

That being said, I keep a very close eye on the Discover Card because I just know that sooner or later it's gonna go up.

**Valerie in WA** · 01-25-2006, 03:05 PM

Originally posted by frugalfanny
Can't help with this one Valerie--- cuz, I don't have a cc balance. But I want to nag you and remind you that you DON'T want to be paying the minimum balance here! you've got a plan and it includes paying off the cc!

Now hang on!

I said we always pay more! I was just curious because we heard so much about it last year & I noticed that mine hadn't changed.

guest7 · 01-25-2006, 03:31 PM

Originally posted by Valerie in WA
Now hang on! I said we always pay more! I was just curious because we heard so much about it last year & I noticed that mine hadn't changed.

I was tired at work last night. They made me work the overnight shift!- I had to be awake for nearly 24 hours!!
I never even noticed that you said you always pay more.

just joshiing with you....