Banks Raising Minimum Credit Card Payments

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00004527-banks-raising-minimum-credit-card-payment/

Bank of America’s decision to raise minimum required payments on credit card accounts was made with a minimum of fanfare.

In fact, few were aware the company had made the change until Chief Financial Officer Marc Oken mentioned it last month, during a conference call with analysts to discuss the bank’s fourth-quarter earnings.

Oken said the policy, which boosts the amount of an outstanding credit card balance that must be paid off each month, “was a result of expected changes across the industry regarding minimum payment requirements.”

With the change, the Charlotte-based banking giant became the second major credit card issuer to tighten payment requirements since the federal Comptroller of the Currency suggested in late 2003 that consumers would be better served by higher monthly payments.

For this complete story, please visit Banks Raising Minimum Credit Card Payments.

Banks Raising Minimum Credit Card Payments

Unknown Author

Featured Resources

Webinars

RA Compliance Corner: Managing Your Service Providers- Do you really have it all in order?

About