jcicero Posted March 9, 2007 Share Posted March 9, 2007 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? Link to comment Share on other sites More sharing options...
Wolfie Posted March 9, 2007 Share Posted March 9, 2007 Mines always been 10% in Thailand Link to comment Share on other sites More sharing options...
GuestHouse Posted March 9, 2007 Share Posted March 9, 2007 They are doing you a favour. They'd be doing you a bigger favour if they increased the minimum payment to 100%. Link to comment Share on other sites More sharing options...
bendix Posted March 9, 2007 Share Posted March 9, 2007 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. Link to comment Share on other sites More sharing options...
Jamie Posted March 9, 2007 Share Posted March 9, 2007 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. Link to comment Share on other sites More sharing options...
cdnvic Posted March 9, 2007 Share Posted March 9, 2007 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. Link to comment Share on other sites More sharing options...
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