This warning on your statement is a requirement under the CARD Act. It informs cardholders that making only the minimum payment each month will result in a higher amount of total interest paid and a longer repayment period. In the vicinity of the warning, a box discloses just how long it would take to pay off your card balance if you only made the minimum monthly payment, as well as how much you would need to pay each month to pay off your balance in three years. The total dollar amount that you would pay (interest and principal) in both scenarios is also disclosed.
(4/5) based on 1
Rate this Post