As a result of the credit card legislation that was passed you may have received your new disclosure from MBNA. Other companies must be doing the same thing.
The disclosure would do any Repuke proud since you can't figure out what they mean or what change will really occur.
The main statements are:
As a result of federal guidance, we will be changing the minimum payment calculation on your account. It may increase your monthly payment requirement. This change will become effective with your billing cycle that strats in July 2005, and the new payment amount will be shown on your August 2005 billing statement. If you use a bill payment service you may wish to contact them about the new minimum payment.
<...>
TOTAL MINIMUM PAYMENT DUE
You may pay your total outstanding balance at any time. Each billing cycyle you must pay at least the Total Minimum Payment Due shown on your monthly statement. The Total Minimum Payment Due is the sum of all past due amounts plus the Current Payment.
The current Payment for each billing cycle includes three amounts:
1. 1% of your balance (your New Balance Total except for any new Periodic Rate Finance Charges and Late Fees), and
2. new Periodic Rate Finance Charges, and
3. new Late Fee
The Current Payment if capped. Generally, the lowest it will be is $15 and the highest it could be is 5% of your New Balance Total.
<...>
Now that's about clear as mud.
This will severely impact all people who make minimum payments - especially those who are struggling to hold on due to their job being outsourced, just plain eliminated, or who like my son-in-law whose unemployment ends in August and as a union master electrician has been told that there will be no work in the fall or the winter.
Thank you Senator Biden for your continued support of your constituents. :sarcasm: I expect it from the Repukes in Congress but not from a Democrat.
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