Credit Card Payments

[jcicero]

I recieved my Visa Statement in the mail today, and noticed that my Minimum payment was double what it normally was. I went to the bank and they told me that BOT has doubled everyone's Minimum payment to 10% of the balance due.

Has everyone noticed this increase?

Any other comments from their banks?

[Wolfie]

Mines always been 10% in Thailand

[GuestHouse]

They are doing you a favour.

They'd be doing you a bigger favour if they increased the minimum payment to 100%.

[bendix]

hahahaha

Spot on.

Wisest piece of financial advice I ever received. Repay credit card bills immediately and in full. I have a credit card but use it in the same way as a charge card. I use it for everything (to get the points up) and repay immediately.

[Jamie]

I have a pretty good credit history, pay my bills on time, usually pay the entire balance off monthly. My FICO score is almost 800.

I made a few purchases with a card I use frequently. Paid the balance off. When I looked at my online statement, I seen my APR had jumped from 9% to 20.3%! I called them immediately to find out why. Their response was because I pay my balances off on a monthly basis too frequently. They said they would gladly reduce my APR if I carried a balance. I told them I would gladly close my account if they did not do so. They ended up lowering it then...or so they said.

My next statement came up and it had a number of large charges including my airline tickets etc for vacation. When I checked my APR, they did not lower it, instead it was now at 36%! Needless to say, I paid it off in full and am now looking for a card company that won't pull things like this.

[cdnvic]

I have a pretty good credit history, pay my bills on time, usually pay the entire balance off monthly. My FICO score is almost 800.

I made a few purchases with a card I use frequently. Paid the balance off. When I looked at my online statement, I seen my APR had jumped from 9% to 20.3%! I called them immediately to find out why. Their response was because I pay my balances off on a monthly basis too frequently. They said they would gladly reduce my APR if I carried a balance. I told them I would gladly close my account if they did not do so. They ended up lowering it then...or so they said.

My next statement came up and it had a number of large charges including my airline tickets etc for vacation. When I checked my APR, they did not lower it, instead it was now at 36%! Needless to say, I paid it off in full and am now looking for a card company that won't pull things like this.

I found that if you use a Visa or Mastercard debit card with a line of credit on the account it's attached to you can get essentially the same thing as a credit card but a far lower interest rate.

In one institution I had a regular Mastercard that had a 17% interest rate and a Mastercard debit card with a line of credit on the checking account it was linked to yet the interest on that account was 8.25% The interest starts accruing instantly but the rate still made it a much cheaper card to use in the long run.