Can Credit Card Companies Raise the Minimum Amount Due?

I have a balace on my capital one card. They said the min payment due was 10 dollars, last night I checked and it said 18 dollars was due. What could be the cause of this? Carrying a higer balance, what could cause them to raise the min payment due?

Nope didn't miss a payment or anything.

Yes, your minimum payment due is based on the amount of your total balance. When your balance is higher, your minimum payment due will be as well. This is to ensure that the credit card company gets the interest that's due to them each month.

If you read the agreement, they have all the rights, including calling in the full debt at their sole option.

They can do that. Dd you miss a payment on anything last month? That can be the cause.

Yes. Congress let them under the Bush Administration.

The more you charge the larger your minimum balance will be. And if you only pay the minimum balance, you will never pay it off.

Right now credit cards companies actually can do anything they want to do. The same people that own the financial institutions call the shots with their big customers too and that includes the US government. There will be no laws enacted to place any kind of caps on credit card interest rates.

Do you remember a few years ago where credit card companies bought enough senators and congress people to pass a law making it almost impossible for you to go bankrupt on credit card debt? That's how they call the shots.

The only thing you can do is make it a prority to pay off your credit cards and then close the accounts. Credit cards are a fool's way of doing business.

Yes, they can do this-- in fact the government recently even told all credit card companies to raises the min. due amount becuase they felt credit card companies were WANTING people to never get anything paid off buy allowing them to pay basically interst only and little more.

Min. payments are often a percentage of the balance, not the limit-- so you could have charged something and your min. payment went up.

I have a card that if it is close to $1500, my payment is $48. If its closer to 950, my payment is $30.

If nothing explains it-- just call and ask!

Has your balance risen? I work for American Express, so I realize my company's policies may differ, but the minimum payment requirements on cards that I own (not only AMEX) are based on a percentage of the overall balance. I believe it is something like 3%. If you want a clear answer, there should be a customer service # on your bill so call in and ask how it is calculated.