Comments on: The New Credit Card Statements Are Here!

By: Gabriel

Gabriel — Fri, 16 Apr 2010 13:39:44 +0000

The chart is pretty good because people will finally get a clear idea of how much they’ll pay for using credit cards. For a long time credit card users were in the dark about how much using credit cards actually cost.

By: Holly

Holly — Tue, 16 Mar 2010 15:47:43 +0000

These charts are not completely accurate. My statement said something like 50 cents of interest saved if I doubled the minimum payments, however, it’s a 0% offer that is set to expire in 5 months. The chart was simply assuming a 0% interest rate for the life of the balance (I wish), when in fact, it will reset to 9.99% in August.

By: PB

PB — Tue, 09 Mar 2010 16:13:03 +0000

I love the fact that it says “Savings $500″. I mean you are still paying $1,100+ in interest! that is about 120% of your bill. I noticed that Chase is actually advertising now and using that “savings” as something that is good vs. actually getting people to pay minimum they ask for double of minimum paymnet and somehow they claim that you will be “saving” money.

I understand that some people carry balances and do not pay in full, but I am just shocked that someone would take that long to pay off and will pay additional 20%+ annual compounded interest on it. wow!

By: Smithee

Smithee — Tue, 09 Mar 2010 15:55:06 +0000

Interesting. My screenshot above is from a Chase card, too, albeit one that was acquired from another company.

By: PK

PK — Tue, 09 Mar 2010 15:53:53 +0000

I’ve received two statement recently, (2/28 and 3/3) and neither has a table like this. Wonder what’s going on with Chase?

By: steveDH

steveDH — Tue, 09 Mar 2010 15:15:53 +0000

My credit card statement only showed the effect of paying the minimum balance, (9 months @ $15 on $87.88) it didn’t give any other figures. I also noticed that there were three entries about interest charged: One for Balance Transfers, one for Cash Advances, and one for Purchases. Although I wondered about making three separate $0.00 entries on a ledger type form, I suppose it might prove beneficial to some. Regardless, as people become more attuned to their finances this “information” is a step in the right direction.

By: Brandon

Brandon — Tue, 09 Mar 2010 14:07:14 +0000

I got those this month too, but one of mine was messed up. It said “only the minimum payment” and had a ridiculous number of years and interest charges and then it listed another value with a reasonable number of years and interest charges. The thing that makes me say it was messed up is the “increased” payment was still below my actual minimum payment. I expect the reason for this is that the minimum was recently increased to a different percentage of the balance and the chart used the old minimum.

Anyway, it is just something to watch out for (this was from Chase Bank by the way).