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How To Escape Chase��s Minimum Payment Increase by Greg Feldman
In reaction to the passing into law of The Credit Card Accountability,[link widoczny dla zalogowanych], Responsibility, and Disclosure Act (aka The Credit CARD Act), credit card issuers are raising rates, fees, and charges prior to the phasing in of the acts provisions beginning in August. Reaction to the bill has been swift as banks are notifying card holders that their fixed accounts are being switched to variables, grace periods on purchases will no longer apply, and that annual fees are being reinstated. Among the most severe of the increases is Chase's hike of its minimum payment on balances to 5% from the standard 2%.

For card holders targeted by the hike,[link widoczny dla zalogowanych], that increase will have an immediate and drastic effect on already stretched budgets. For those carrying substantial balances it could be devastating. For example, for a card holder with carrying a total of $40, 000 the current minimum payment is currently about $800. With Chase's new minimum, that payment will go up to $2, 000 per month. With other options, like a refi to pay down the balance likely to be unavailable, a card holder still has a couple of choices on how to handle the increase.
The first option is to transfer the balance away from Chase. Balance transfers can have a lot of traps for card holders but, with a little bit of homework, can provide a solution which can take care of the minimum payment issue and save thousands of dollars in interest payments. Here's a checklist for getting the most out of a balance transfer:
* Look for a long lasting low interest or interest free deal - With the major issuers raising fees and rates, there will be others offering deals looking to attract new customers. Be sure to go through the fine print to see exactly how long the deal lasts and if there are conditions under which it can be changed.
* Make sure that the balance transfer fees on the receiving end are reasonable - These fees are increasing as well at many issuers. A deal that looks great can get expensive quickly if the balance transfer fees are high. Many of the majors have already raised this fee to 4 or 5% of the transfer.
* Get familiar with the payment hierarchy on the receiving account - You getting a deal on transferred balance but additional purchases on that account will probably be treated differently. Many issuers will allocate monthly payments toward reducing the no or low interest balance on the account while letting the balance of purchases made on the card increase. In other words, if you make a $1,[link widoczny dla zalogowanych], 000 in purchases and write a check for a thousand when you pay your bill, your transferred balance will be reduced by a thousand while your purchase gets charged interest. If that situation repeats for a few months, you'll be paying much more interest than anticipated. If your new account is going to treat purchases in this manner, consider making purchases with a different credit card to maximize the benefits of the new account.
* Prioritize your payments - If you get a low or no interest deal, assess the other accounts where you’ re paying interest. Prioritize payments toward the ones with the highest interest rates to pay them off faster.
Times being what they are, if you're trying to transfer a balance but carry a low credit score you make have difficulty finding a deal that makes sense. If you know that you’ re not going to be able to keep up with the minimum payment increase at Chase, consider your options for a debt negotiation. There are many companies offering debt negotiation so be sure to enlist a law firm with experience and a track record of successful solutions. Entering into a debt negotiation requires an assessment of your total financial picture so, in addition, insist on working with a firm that takes consideration of your circumstances in order to get optimal results.
Your immediate benefit will be an approximate cut of 50% on your payments on the account with a long term benefit of paying off your debt much faster than if you were just to continue making minimum payments. A debt negotiation can also involve multiple accounts so if you are struggling with more than just your Chase account, you can include other credit cards, department store debt,[link widoczny dla zalogowanych], signature loans, and other unsecured accounts. The same percentages apply, giving you a payment cut of 50% on all accounts included as well as a reduction of 40 to 60% on the amount of the collective balance.
As many credit card companies continue to make it more difficult for their card holders with higher expenses and interest rates, it is extremely important to look for solutions to mitigate those costs as much as possible. In the case of the pending increases on accounts being held with Chase, these solutions should be acted upon sooner rather than later.
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