Visa bill payment - question?

Question

I have a balance on my Visa bill - my payment keeps getting higher as I pay the balance...how is this. The interest rate hasn't changed (8.9%) and I haven't charged on this card in 8 months. Here is the situation:

Month Balance Req. Payment/Amt. Paid Billing Days
June $3318 $35/$100 32
July $3,244 $55/$50 30
August $3,217 $56/$75 32

I see I made a mistake on July by being $5 short but I over pay on all the other months. I live overseas so I just pay the payment through my bank (not B of A) b/c I don't get my statement until almost a month later so I didn't realize the difference for August, but I assumed since the payment required the month before was $35 I was safe. Why the jump between June and July?

None of you read the entire question. I pay over my minimum every month - as seen above. I have never been late - and I can't get online to view the credit card unless I have an accout there - which I am not willing to open. My payments have been the same for a year which was $35 - I paid $50. There was no late fee on the next statement and my interest rate is still 8.9%. This is my dilemma. I have common sense I could understand the jump if the other two scenarios were there, but they weren't so what's the deal?

Answer 1

It looks like your credit card issuer increased the percentage for minimum monthly payments from about 1% to about 1.5%. Call your card issuer and ask why they increased it. It may be something they did to all of their customers, or something you inadvertently did to make them increase it. By the way, you're lucky. Many people are required to pay between 3 and 4% monthly.

Answer 2

"I live overseas so I just pay the payment through my bank (not B of A) b/c I don't get my statement until almost a month later"

But obviously you have internet access, there may be a few but almost every card provider has online access available to its card holders so that you can look at your account and even pay online. Speaking of which, if your statement takes "almost a month" how are you making your payments? by mail?

Sorry if I am unsympathetic but it is your responsibility to make sure your bill is paid, the right amount is paid and paid on time. And considering even with the "jump" your min payments are STILL less than 2% Had you paid just 2% ($66) then you wouldn't have been short

As to the "jump", there has been a great deal of pressure put on the card companies to raise the amount of the minimum payment, which IIRC would have been about early summer that most card companies did just that.

So I suggest you either get online access to your card, call on the phone to check your balance/min payment and/or make sure you pay at least 2%

Answer 3

The minimum payment on your card is extremely low. Typically it covers the interest plus 2% of the principal. A lot of credit cards increased the amount of minimum payments since the balance would never get paid off at the minimum payment.

You should make a point of putting extra on this card every month and get it paid off. A lot of credit cards are increasing those 8.99% rates to 14 or 15.

Answer 4

Miss one payment, and your loan DEFAULTS to a higher interest rate.....Have you seen the 22, 25 and even the 30 % default rates on ANY card??

In your case you probably activated it, or accrued a LATE CHARGE if you're lucky.....

On $3200.00 that money you pay is very very little...You may want to step it up to $120 to $150 a month
Me, I'd step it up to $500 a month....

Answer 5

you should be waiting to log onto their web site and verify for ideas on your account or in simple terms call their customer provider huge style and talk with a rep. now and back in case you talk along with your lenders they're going to paintings with you. they could no longer have a difficulty with you changing your due date.