Capital One wrote to explain why they were changing lowering the minimum balance calculations, as we posted about yesterday. Pam Girardo in Capital One External Communications wrote:
Last March, Capital One’s credit card operations became regulated by the Office of the Comptroller of the Currency (OCC) in an effort to consolidate our major subsidiaries under the same Regulator. Prior to March, we were regulated by the Federal Reserve or the Office of Thrift Supervision. The OCC has different minimum payment calculation requirements than the Fed and OTS.
I hope this context is helpful.
Got it. Remember folks, if you can’t pay off your balance in full every month, please make more than the minimum payments otherwise you’ll be debt forever and ever. This chart shows what I’m talking about.