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People have been saying that CC minimum payment is too low that it will take so long to pay off the balance.... imagine paying zero minium payment....

Found this on both of my latest Chase Freedom Plus and BP statements:
You have the flexibility to skip a payment. You must pay past due and overlimit balances immediately. However, the remaining minimum payment for this month has been reduced to $0. Finance charges will continue to accrue. To reduce your balance, feel free to make a payment.
It sounds like a one time thing ("a payment"), but still, why would they do that? New way to get more people in more debt?

Member Summary
Most Recent Posts
If you pay in full every month or are on a 0%, you just got more float. If not, you shouldn't be waiting until the due t... (more)

cclyde (Jul. 16, 2009 @ 9:45a) |

Pushing the due date forward does not equally mean you have more time to pay. It is the grace period which determines th... (more)

tazmania99 (Jul. 16, 2009 @ 11:44a) |

While that is technically true, of the 30 or so cards I have, in each case the due date=statement date+grace period. I h... (more)

cclyde (Jul. 16, 2009 @ 12:26p) |

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Other cards have been doing this as well for quite some time. My Credit Union Visa does this every December for Christmas.

Nice hustle Chase.

This may have something to do with the fact that they're having difficulty merging all the banks they've bought into their online payment systems.

I got the same message on my statement. It kinda pissed me off, because I don't use the card every month and usually just look at the payment due line briefly to determine if I charged anything that month and need to make a payment. I almost overlooked a small charge, and I'll be damned if I give them one penny of interest.

dawndelion said: I got the same message on my statement. It kinda pissed me off, because I don't use the card every month and usually just look at the payment due line briefly to determine if I charged anything that month and need to make a payment. I almost overlooked a small charge, and I'll be damned if I give them one penny of interest.

That's probably their goal. That and earning extra interest on $15 or whatever on people who do carry a balance.

Why wouldn't they do that, it's not like they are doing out of the goodness of their hearts. Your paying interest. Especially if you are carrying a big balance, that could net them a lot of money if people took them up on their offer.

double post

moolman said: Why wouldn't they do that, it's not like they are doing out of the goodness of their hearts. Your paying interest. Especially if you are carrying a big balance, that could net them a lot of money if people took them up on their offer.
It just seems odd that while banks like AMEX are giving incentives to cardholders to pay off balance, Chase is going the opposite direction by allowing people to skip payment. Looks like Chase weigh the potential revenue heavier than the risk exposure. Interesting to see how different banks have different risk assessments.

Banks are in the business to make money.

Have we ever doubted that?

This is another way Chase will make more money off the ignorant and overdrawn. Chase is not a "bad guy": it's a capitalist country, and they can do what they want. We can take our banking business elsewhere if we don't like their practices.

Just my 2 cents.

To us people who pay off our balances every month, yeah it isn't a big deal.

But for those who is living paycheck by paycheck, skipping a month of payment means a lot to them.

people live paycheck to paycheck?

It is sad that there are people out there who do have a hard time paying 2% of their credit card debt each month. It is more sad that some of them probably appreciate and will take this "offer" from the bank.

Sure, bank can do whatever they want to bring in more profit. I just hope people will stay away from the trap.

ColonelHeero said: It is sad that there are people out there who do have a hard time paying 2% of their credit card debt each month. It is more sad that some of them probably appreciate and will take this "offer" from the bank.

Sure, bank can do whatever they want to bring in more profit. I just hope people will stay away from the trap.


I wonder if Chase even offers this to people who are struggling to make their payments. I thought one of the keys to debt collection was to get people paying, even if only a token amount. It seems dangerous for Chase, in that people on the verge might take this offer and decide not to bother paying in the future, too.

Maybe bad for a general public, good for FWalleters.

My 0% BT of 45K will skip one payment? Great!

Credit card issuers are doing this as a way to "cook the books", not be nice or to get a little extra interest off you.
Since delinquencies and defaults are so high. this is a way of slowing it a bit. You can't be late if your payment was zero.


My aunt passed away in February and I have yet to cancel a couple of her cards. Her chase card for the past two months have had that zero due on them. So even tho she's dead, she's not late anymore.

Just a little way the banks can make it look like their doing better and better and the economy is getting better and better.

dawndelion said: I got the same message on my statement. It kinda pissed me off, because I don't use the card every month and usually just look at the payment due line briefly to determine if I charged anything that month and need to make a payment. I almost overlooked a small charge, and I'll be damned if I give them one penny of interest.Why wouldnt you just look at the outstanding balance line, which is typically just a line or two above/below the payment due line?

Squeezer99 said: people live paycheck to paycheck?The majority.

Im willing to bet even the majority of FW readers live paycheck to paycheck, especially the Hot Deals regulars. And theres probably a decent % in this forum too (they just dont post about it and all we seem to hear about are the six figure earners)

You have the flexibility to skip a payment. You must pay past due and overlimit balances immediately. However, the remaining minimum payment for this month has been reduced to $0. Finance charges will continue to accrue. To reduce your balance, feel free to make a payment.

I had a credit limit of 95,000 on a credit card with MBNA about 10 years ago. I was carrying 90,000 at 0% and earning a nice little interest deal. My monthly payment was $1,100 or something like that; so when I got this exact notice TWICE during the 15 months I was doing this I was very happy.

That's the only time I've seen any benefit from this; when it happens on a 0% interest card.

To be honest, I'm loving that they have this skip a payment. I'm on a 0% BT offer and don't have to make the $450 payment this month. What's not to love? I'll continue to pay interest on the 0%.. if only they were nice enough to extend this through October for me.

They probably don't want you to pay in full every month if you use it for a balance.

vaylon said: Credit card issuers are doing this as a way to "cook the books", not be nice or to get a little extra interest off you.
Since delinquencies and defaults are so high. this is a way of slowing it a bit. You can't be late if your payment was zero.


My aunt passed away in February and I have yet to cancel a couple of her cards. Her chase card for the past two months have had that zero due on them. So even tho she's dead, she's not late anymore.

Just a little way the banks can make it look like their doing better and better and the economy is getting better and better.


This is a brilliant angle. Most of these credit card issuers have to buy back their securitized credit card loans if the defaults reach a certain level in the bonds. They probably figured out that this is the cheapest way of keeping those securitized bonds from boomeranging back and sucking up whatever working capital they have left.

Basically they are the service provider and they have the right to charge you. But we didn't fill the pressure of the interest on the credit card all this time. But I wonder if the new economy system has to do something with it?

It should be remember that Banks are waiting for you so that they can make the money out of you.

neophyte said: Maybe bad for a general public, good for FWalleters.

My 0% BT of 45K will skip one payment? Great!

yeah, same here.
My Chase business card bas a $41k, 0% APR balance, and I just received this special $0 min. payment deal.

This is nothing new. I've gotten these offers from years past, especially after some major purchase. Similar offers also came around regarding car payments during a few of the natural disasters we had in the last few years.

No FW reader would ever live pay to pay, or get stuck in a scam like Agape.

Just got all my chase statements, my 0% promo balance from last year still had a min payment due..

My 4.99 for life did not have a required payment due tho

SUCKISSTAPLES said: Squeezer99 said: people live paycheck to paycheck?The majority.

Im willing to bet even the majority of FW readers live paycheck to paycheck, especially the Hot Deals regulars. And theres probably a decent % in this forum too (they just dont post about it and all we seem to hear about are the six figure earners)


Lots of six figure earners live paycheck to paycheck.

Define paycheck to paycheck? Seriously!

actually, this may be a "trick" to start charging interest on people who normally payoff their accounts.... anyone on Chase autopay set for "apy min payment" wont have a payment applied to their account, starting the finance charges on all new purchases and eliminating the grace period.

Sure is not a sweet deal for me My statement date begins the 1st. I always pay in full [about $11G] my due date has always been the 26th. Now do you guys/gals notice our next due date. 21st. Cra** they cut 5 days off the grace. Sure not good for me.

My statement had "0" minimum due for the first time. I felt that this has to be a Chase trick. Paid the whole balance in full and no worries whatsoever.

Cheapoking said: Define paycheck to paycheck? Seriously!

Bank balance (savings/emergency/whatever) is so low that missing a single paycheck would put you into debt. (Not able to pay CC in full, must borrow to pay mortgage, whatever.)

I had an account with Chase that I have not carried a balance on for the past 24 months. I just received a notice that they are closing this account.

Uhm, so I took a look at my Chase account and couldn't remember if I paid for the last statement or not. I use Yodlee, and find out if I have bills or not via the bills reminders. It seems that without a minimum payment listed, Yodlee might not pick up on the payment due at all. I'd suggest everyone who uses Yodlee bill reminders the same way I do take a look to make sure.

I get the $0.00 due on my new statement. I'm pretty anal about logging in and PIF when it cuts and not waiting. I have a balance transfer ending in August and they have also lowered my credit limit to $100 over my balance, moving me from 40% utilzation to 98%.

Good times. I'm glad I check that stuff. It has not hit my credit report yet. I'm tempted to either pay a $1000 to see if they clip me again or pay it off totally.

Guys, this is certainly fishy. I've got a 31k 0% BT Balance - and they offer me the $0 minimum payment this month. I wonder if there's some clause somewhere that then allows them to cancel the BT T&Cs if I don't pay or whatever...I haven't EVER received an offer to skip payments so i'm a little apprehensive about this from Chase...

My Priority Club Rewards chase card sent me a letter about 45 days ago offering me triple points for charges made during the following two months. So I charged a couple of business trips on the card. When I got my statement it showed $0 minimum due. (But to avoid interest, I paid the balance in full as soon as I got my reimbursement check for the business expenses.) Then this past weekend I get the change-in-terms notice that said something like to ensure profitability on my account my interest rate on this card is going up about 4% points starting at the end of the month. So yes, cynical me believes that Chase was attempting to encourage me to acquire a large balance on the card with the bonus point offer that they could then charge me a higher interest rate on. Too bad (for them) that it didn't work.

Skipping 16 Messages...
tazmania99 said: Pushing the due date forward does not equally mean you have more time to pay. It is the grace period which determines that.

cclyde said: FatSally said: I just got a letter that said they were pleased to let me know that they are making changes to my payment due date to give me more time to pay. I am not quite sure why I would be pleased. If you pay in full every month or are on a 0%, you just got more float. If not, you shouldn't be waiting until the due to date to pay it anyway.
While that is technically true, of the 30 or so cards I have, in each case the due date=statement date+grace period. I have had a no grace period card before, but I've never seen another case where the grace period was anything other than the difference in the due date and statement date - not to say that it can't/won't happen.



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