Chase is being awfully nice to their customers in tough economic times. Many of their customers received statements this month with a minimum payment of $0, even though they have balances. How nice! Customers take a month off, Chase will just let finance charges accrue for them.
Many readers received $0 statements. Garrett was one of the first:
I just recently received my Chase credit card statement, and was puzzled to find that the minimum payment was zero. Looking carefully at the statement, I found the following listed under “Important News”:
You have the flexibility to skip a payment. you must pay past due and overlimit [sic] balances immediately. However, the remaining minimum payment for this month has been reduced to $0. Finance charges will continue to accrue. To reduce your balance, feel free to make a payment.
While I appreciate the flexibility, I wonder how many cardholders will be tricked into not making a payment, and incur unnecessary interest expenses (and interest on interest!).
Good question. For some people, not having to make a minimum payment could be a godsend, but that isn’t a good thing in the big picture. Why not let customers opt in, instead of including everyone who is eligible by default? Many customers aren’t as observant as Consumerist readers, and will assume they owe nothing for May.