Mint Credit Card Problems

wolves2012

Hi all,

Looking for a bit advice. Just been on the phone to Min regarding an issue that goes back to 2009. In summary, even though I was set up the pay the minimum amount (which I did every month without fail) my account exceeded my limit back in November 2009. I was a bit puzzled by this as I hadn't spent anything on the card since 2008. After speaking to them today they explained the PPI charges, applied every month, had caused my minimum payment to no longer be enough to keep me in my credit limit. I'm absolutely amazed by this, surely a minimum payment is exactly that, the minimum needed to keep your balance the same.

Anyway, stupidly I didn't inform them of my change of address and have just found out my account was over the limit for about a year, which is affecting my credit rating. I naively thought that being set up on dd to take the minimum amount meant I didn't need to worry about the card, until I was in the position to pay it off.

Has anyone else experienced this? I'm pretty sure this PPI was mis sold as well, but that's a different issue.

[Deleted User]

wolves2012 wrote: »

surely a minimum payment is exactly that, the minimum needed to keep your balance the same.

No. A minimum payment is what is needed to keep your account in good order. Accounts pre BIS regulations may still have min payments less than the new 1% plus fees and interest and charges, which would do as you describe.