No Minimum Payment Due?

I have 4 cards with Chase. I check these cards daily and they all have balances. Interest rates are fine. I pay on time, more than the minium due. However, I just got statements for two of the cards where it gives me my new balance, the due date but they both say "0" in the mininum amount due portion. It's saying I have zero due by the due date. I have no clue what this is about. Are they giving me a "pass" this month on my payments. I find that hard to believe with the way the industry is now. Is this the calm before the storm and they are going to starting hitting me higher rates, lower limits, etc.? I just don't know what to make of these no minimum payment due. Anyone know?

hmm, something doesn't sound right - especially if you're carrying a balance on the account. Unless you made a payment before the billing cycle closed, there should be a minimum balance due. I would call the credit card company and find out why it's showing no money due. Let us know what you find out?

I did make a bigger payment on one of them before the billing cycle closed ($420). I didn't make a payment on the other before the billing cycle closed though. I am always afraid to contact my cc companies for fear that that will some how "tag" my account. Do you still believe I should give them a call or should I just make the minimum payments from last month on both cards.

My balances are substantial that is I am wondering if this is some how the calm before the storm. I do always pay on time and I pay over the miniums on each card I have with Chase.

This message was edited 1 time. Last update was at 05/12/2009

I think as long as you're only calling to ask what the minimum balance due is (and to make sure there isn't some type of statement glitch), you should be fine. It would be a different story if you were calling them to tell them that you were having trouble making payments or wanting to arrange a some sort of payment plan.

I don't know about the calm before the storm but credit card companies are taking a lot of heat right now for their unfair practices. In his radio address over the weekend, President Obama spoke out about credit card practices and is pushing for legislation to be put in place by Memorial Day (not July 2010 when it was originally expected to go into effect). Credit card changes are coming - hopefully sooner rather than later.

Ok. I just downloaded my statement and there is a blurb saying:

"You have the flexibility to skip a payment. However finance charges will continue to accrue. To reduce your balance, feel free to make a payment."

That blurb is on both of my statements. Are they getting "scared" that I am going to pay these balances down? I mean I owe $3,400 on one and $9,300 on the other. It's not like they have anything to be scared of for awhile. I am very confused by this. I haven't charged on the little one for a long time and the other one, anything new I charge on it, gets paid immediately.

Plus, I thought these banks are in financial trouble and have to raise money? Why would they give me a free pass on two cards? This is very confusing.

Aha! I've seen this on other cards in the past - BofA and Amex for example. There are a couple of arguments on this....One is that the credit card companies are trying to slow down the rapidly rising default rates by offering the skip a payment. The other is that this offer actually works in the credit card company's favor because they'll revolve the balance to the next month and add the interest - and end up making more money off of you.

From the sounds of it, they're probably targeting consumers that have been faithfully paying the minimum (or even a little more) so they know that you're probably not a high risk for a default right now.... but you're also more likely to take them up on their offer.

Do you know if this is a good thing, bad thing or won't matter as far as my credit/fico taking a hit?

I think the one with the $9,300 balance might be doing it because it is zero percent until 7/6/09. They probably want me to make the least amount of payments with no interest? The one with $3,400 - I have no clue why they would do that. I have 7.99 for the life of that balance.

In any event, I will make my payments like normal. I haven't missed one in the years I have had the cards, I am not going to start now. I just am not sure what to make of this with all the scarey practices going on, I thought if anything, my minimums would be going up instead of down.

A skip payment offer isn't going to affect your FICO score. Going ahead and making the payment like you normally do is your best bet. You'll continue to attack the debt (which helps your scores) and you'll save on the interest you'd be paying by skipping a payment.

Now my other two Chase cards did the same thing - No payment due. I have 4 Chase cards total. With balances totaling about $28,500 and they don't want a minimum payment? The minimum combined payments last month on those cards was $590. I thought companies had to raise capital. This is throwing me for a loop for sure!

This message was edited 2 times. Last update was at 05/20/2009

Hi there,

I just want to let you know that I have 2 Chase cards, and the same thing happened to me early in May. I first noticed it on my Disney Chase card that has a $1500 balance and was due on May 18th. I called Chase and the representative told me it was “a promotion” due to the state of the economy, and that they were offering it only for this month. I have been paying $120 faithfully every month on this card for the last 6 months. I also have a WAMU/Chase card with a $3400 balance, and the next payment is due on June 12th—that too had “0” for minimum payment due. I’ve been paying $300 a month on that card the last 6 months also. I saw that you’re also making large payments, so I’m not sure if this promotion is geared towards people making large payments or for everyone. I think with the scary credit card practices, they are targeting people who are aggressively trying to pay off their debt. Me personally- I plan to be debt free by April 2010. Tip: Here’s CNN Money’s Debt Reduction Calculator which is great for planning- http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp

If it sounds too good to be true, it probably is. I actually told Chase that I thought this was some sort of scam- and that not making a payment would probably give them a reason to make my interest rates go up. (-I’m 9.24% on the Disney and 10.99% on the WAMU/Chase.) The representative had nothing to say when I said that! Either way, I’d continue to make the large payments and pay down your debt and continue what you’re doing. Even if it says “0” for minimum due, just ignore it. If you’re not sure what to pay, look at your last statement and see what the minimum was on there (assuming you didn’t tack on more debt within the last month), and pay more than that.

This message was edited 1 time. Last update was at 06/27/2009

Lets say you have a 5.99 percent life of the loan credit card from Chase bank and you owe a big chunk of money, like 20 grand on it. However, your regular purchase rate is 29.99%

You get the skip payment option so you decide to skip the payment for one month. The finance charge for that "free month" will be hit with a 29.99 percent interest charge which will then revolve month after month. Since it may take you another 6-8 years to pay down your 20 grand debt, during that entire time, whatever that finance charge was for that one month you skipped a payment, (probably around 100 dollars) will revolve month after month at that 29.99 percent rate.

29.99 percent revolving interest actually works out to something like 33-35% per year. So after one years time, you will owe an additional 33-35 dollars, which gets added into all future interest charges and will then turn into approximately 80-85 dollars (plus the original 100 dollars) after two years, after three years we are looking at the original 100 dollars plus that 80-85 more dollars all being taxed, um, charged interest at 35%, and so on and so on. By the end of the 8th year, skipping that one month's payment could result in finance charges of several hundred dollars! (anyone have one of those math programs that can tell us exactly how much?).

Please join my Chase Bank Credit Card Protest at http://www.daily-protest.com

alessandromachi wrote:Lets say you have a 5.99 percent life of the loan credit card from Chase bank and you owe a big chunk of money, like 20 grand on it. However, your regular purchase rate is 29.99%

You get the skip payment option so you decide to skip the payment for one month. The finance charge for that "free month" will be hit with a 29.99 percent interest charge which will then revolve month after month. Since it may take you another 6-8 years to pay down your 20 grand debt, during that entire time, whatever that finance charge was for that one month you skipped a payment, (probably around 100 dollars) will revolve month after month at that 29.99 percent rate.

29.99 percent revolving interest actually works out to something like 33-35% per year. So after one years time, you will owe an additional 33-35 dollars, which gets added into all future interest charges and will then turn into approximately 80-85 dollars (plus the original 100 dollars) after two years, after three years we are looking at the original 100 dollars plus that 80-85 more dollars all being taxed, um, charged interest at 35%, and so on and so on. By the end of the 8th year, skipping that one month's payment could result in finance charges of several hundred dollars! (anyone have one of those math programs that can tell us exactly how much?).

Please join my Chase Bank Credit Card Protest at http://www.daily-protest.com

I got my Chase change of terms. Since they can't raise the intrest rate since it is for the life of the loan, they upped my minimum payment from 2% to 5%!!!!!!!!!!!!!!!!!!!!!!!!!!! How can some one go from $300 a month to $750 a month???????????