Is this a Credit Card trap?

I was given one of those college credit cards with 1,000 dollars credit. Two years ago I had an emergency, so I had to withdraw those 1,000 dollars. Don%26#039;t ask me how, I still don%26#039;t understand it, but my instead of me having to pay 1,000 dollars, it turned out I owed the credit card company 2,000 dollars. I haven%26#039;t had a chance to pay them off completely, so I%26#039;ve been paying 50.00 each month. This month I paid one of my last payments before I pay everything off, but something odd happened; the bank%26#039;s website always tells me how much is my minimum payment for the next month, but this month, it tells me my minimum payment is 0.00 . What would happened if I don%26#039;t pay anything this month, would my debt go double again?

Is this a Credit Card trap?

I think I can solve the puzzle of the 2,000 bill. Those nice folks at the credit card company like to raise your credit limit %26quot;as a favor to you%26quot; when you happen to go over your current limit. You most likely didn%26#039;t notice that you had reached your limit, and the next think you know you are $2000 in the hole.

And for that gift of an increased credit limit, they probably also jacked up your interest rate as a penalty for going over your limit.

Still wanna ask if you were scammed?

Is this a Credit Card trap?

it wont double again, you probably paid more than the minimum payment last month so they aren%26#039;t charging you this month. still pay if you are so close to being out of debt, why risk it, keep paying and go for it. CONGRATULATIONS now comes the hard part, cut up the card, don%26#039;t use it.

Is this a Credit Card trap?

Yes, those tend to be %26quot;traps%26quot;. They might be having a payment holiday or some crap like that- all that does is get people to not send in payments, but interest continues to accrue. I would be awfully concerned about how you ended up owing $2K from a $1K withdrawal by the way. They do tack on some steep service charges and interest onto a cash withdrawal from a credit card, but it still should take a couple of years with no payments to get it that high.

Is this a Credit Card trap?

There may be a mistake on the website. I don%26#039;t think they can charge you more than is written in the terms of the credit card. They should have told you that you would have to pay double, you would usually have to pay interest anyway but that is ridiculous. You should pay the rest in full if you can, then ask them for a written statement which shows you don%26#039;t owe anything. If you still have the card, cut it up and send it back to the company. From what you say, this seems to be a very poorly run company. Don%26#039;t take any chances with them.

Is this a Credit Card trap?

I think the best course of action is for you to pull out your Cardholder Agreement. This spells out all the terms and conditions associated with your card. Don%26#039;t just assume the credit card company is correct! Do your homework by reading your agreement and find out what your balance truly should be. If they have it wrong, you should be speaking with a representative about this while quoting your agreement. If there is something in the agreement that is a reason why your balance has skyrocketed the representative should be able to point it out to you as well.

If there is a problem and they refuse to correct it, your State or Provincial government should be able to be of assistance. Credit card companies are governed to different degrees depending on the jurisdiction by law. If they are not acting legally, you have recourse. I would also mention this to the credit card company if they indeed refuse to correct or acknowledge they have made an error. Say you are going to lodge a formal complaint with the appropriate government agency.

As for the $0 minimum this month, sometimes card companies offer months where there is no payment required. However, this may also be an error. However, you are not required to make a payment as that is what you have been told. This onus may be on you in your jurisdiction however.

I hope this helps. Take care.

Is this a Credit Card trap?

If you can afford it, pay it off asap. That way, you pay more principal and less interest!

Is this a Credit Card trap?

Hi!