statement is honest about minimum payment!

jellyhead · 15 November 2004 at 8:56PM

just thought i'd mention this because it's something i've never seen before from a credit card - my texaco statement actually says in large bold capitals:

IF YOU MAKE THE MINIMUM PAYMENT BY THE DUE DATE
YOUR ESTIMATED INTEREST WILL BE £6.31.
SEE OVERLEAF FOR FURTHER DETAILS.
IT WILL SIGNIFICANTLY INCREASE THE TIME TAKEN
TO CLEAR YOUR BALANCE AND COST YOU MORE IF YOU
REPEATEDLY MAKE THE MINIMUM PAYMENT.

i'm suprised, that's all, how extraordinarily honest of them to tell you that repeatedly making min payments is a bad idea ...

Robert_Sterling_3 · 15 November 2004 at 9:05PM

I think that C.C. companies have been nudged into displaying this warning.
i.e. Display it by choice or you will have no choice.

jellyhead · 15 November 2004 at 10:37PM

oh ... i've not noticed it on barclaycard or marbles statements, i was impressed that texaco had it in large bold capitals :-)

Figment · 16 November 2004 at 11:32AM

I've noticed this on all statements this month. It is in response to concerns over the amount of credit card debt and government plans to do something about it!

Leia_Stephens · 16 November 2004 at 3:47PM

IT WILL SIGNIFICANTLY INCREASE THE TIME TAKEN
TO CLEAR YOUR BALANCE AND COST YOU MORE IF YOU
REPEATEDLY MAKE THE MINIMUM PAYMENT.

Yes, bb, it is encouraging for us that cc companies are warning us not to just make minimum payments ;D.

But isn't it also true that minimum payments do not just cover the interest charged, but also go - a very small way - towards paying the debt itself ???

Leia