Welcome to quarter end folks. In the news today on Bloomberg was this little gem on Chase’s latest move to increase minimum payments on some customers:
Apparently, they will raise the minimum payment for “some” cardholders to 5% of balance instead of the current 2% of balance. They will apply this to people who currently have a balance also. This comes a few days before the new credit rules come into play.
I suppose credit is still getting tighter for those with bad credit history, and even those with good credit history who are exposed to risk. This does not bode well for those who wish to reinflate the artificial economy that we enjoyed up until 2006.
PS balance transfer fees will also rise to 5%! Makes 0% offers much less attractive doesn’t it?