Credit Card Minimums

CAframer

SGF, Supreme Grumble Framer
Joined
Nov 19, 2003
Posts
3,834
Loc
Orange County, CA
Anyone seeing an impact on order rate as a result of the new credit card minimums? Obviously hard to measure scientifically, but just wondering if anyone has formulated an opinion based on anecdotal input.

The new guidelines state that monthly minimums should cover interest, any fees or extra charges and at least 1 percent of the principal amount. So essentially, we're seeing a jump from a minimum payment of 2 percent of the total balance to 4 percent.
 
Whatcu talkin bout Willis? I guess I'm not up to snuf with this change. Can you elaborate?
 
I think he's asking are people charging less now that they have to pay more of the balance.

I don't know. I see more of a decrease in people charging 'cause they're maxed out due to X-Mas!
 
In simple terms, minimum payments have doubled for most, if not all, credit cards. People who carry balances and make minimum payments now have less money in their pockets which means less disposable income.

I have not seen a difference...yet. It has only been a month since payments have increased so it is too early to see what is going to happpen.
 
Haven't seen decline either, altho most people here probably don't read the statements anyway or just ignore the notices all the companies sent out in Dec. Or maybe folks here just pay them off monthly. Dunno
 
I think its a positive thing. Americans, in general, are too far in debt. The banks make out the most.
 
Whew! I thought "they" were trying to slip something past me on my merchant account and up my fee to 4%! They can be very sneaky you know.
 
Originally posted by Danimal:
Whew! I thought "they" were trying to slip something past me on my merchant account and up my fee to 4%! They can be very sneaky you know.
I am sure they might, so it is not so far fetched or not to be expected!
 
Back
Top