Credit Cards

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Credit Card Minimum Monthly Payments Double Due to New Rules
January 3rd 2006


Changes in Rules
This may not be the best time to require credit card companies to double their minimum payments. There are numerous stories of cash strapped families now hamstrung with debt barely able to make their minimum payments. Starting this month the minimum payments required by credit card companies will double.

Most credit card companies would require minimum payments of just 2% of the principle. Now over their own objections, they are required to raise that minimum payment to 4%.

That is right; the credit card companies did not want this new regulation.  They would make more money if the minimums were set at 2%, not 4%. Some credit card companies have already raised their minimums but this month the rest will be required to follow suit.

Complete Article

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In order to make your credit card payments count as much as possible and to get out of debt sooner, you can try to get lower interest rates.  Sometimes card companies will offer a promotional balance transfer that is 1.99% for a six month period of time. Duration of the promotion and interest rates can vary greatly.

Don’t assume that every offer from the same credit card company is the same deal.  The card companies will mail you an offer with different rates on the same advertisement.  Some at full interest rates, mixed in with the lower rates.  If you decide to use the checks that they mail you, you might use the wrong one and get the higher interest rates.  If you call in for a promotional offer make sure you take notes of the day you called the rate, duration of the promotion, and who you helped you on the phone.  It is extremely important to read the fine print and ask questions about the balance transfer fees and time limits.

How to get Lower interest rates on Credit Cards