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Posted in Credit Cards
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orange244

7 Contributions
4 People Helped
minimum payment warning
Hi,

I would like to know why the minimum payment warning has disappeared from two of my credit card statements. I know that since CARD ACT was passed, that the credit cards companies were required to inform people about the consequences of only making the minimum payment by including a section on the monthly credit card statement that would inform the card holder how much interest they would pay if they just made only the minimum payments.

After the CARD ACT was passed the minimum payment warning appeared on all my credit card statements. However, recently I have noticed that the minimum payments warning no longer appears on my Discover Card and Capital One credit card statements. But on my Chase credit cards statements it continues to appear in the statement.

I have also noticed that both Discover Card and Capital One stopped the minimum payment warning, when they started to provide their card holders with free credit scores.

Does the CARD Act allow credit card companies to remove the minimum payment warning, if they provide free credit scores to their credit card holders? Is this why the Discover Card and Capital One became so generous to provide their customers with free credit scores, instead of warning them about how much interest they would pay for paying just the minimum payment?

Thanks,

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Top Contributor
3051 Contributions
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Yes, I believe so.  Below is what I found on the web:Credit card issuers must disclose to cardholders the consequences of making only minimum payments each month, namely how long it would take to pay off the entire balance if users only made the minimum monthly payment. Issuers must also provide information on how much users must pay each month if they want to pay off their balances in 36 months, including the amount of interest.

If they are violating this law, go to www.consumerfinance.gov and file a complaint.  Best of luck!

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