Keep the Information Flowing
Small contributions go a long way. Your donation to Consumer Action, a 501 (c)(3) nonprofit, nonpartisan organization, can help us cover the cost of research, writing, and translation of our materials. To keep our services free for those who need them. Select an amount to give.
Released: February 10, 2012
Help Desk FAQ
Credit Cards
What is the “Minimum Payment Warning” on my credit card statement?
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.Quick Menu
Support Consumer Action
Join Our Email List
Consumer Help Desk
- Help Desk
- Submit Your Complaints
- Presente su queja
- Frequently Asked Questions
- Links to Consumer Resources
- Consumer Service Guide (CSG)
- Alerts
- Consumer Booknotes