Changes to Visa^® Credit Card Payments

Effects Visa^® Classic, Visa^® Platinum, Visa^® Platinum Points and Visa^® Priority Credit Cards

We’re changing the minimum dollar amount due on Visa^® credit cards to help you make progress while paying down your debt.

Starting in May, the new minimum payment for select Visa^® credit cards will be $25.00 or 2% of the outstanding balance (whichever is greater)

If you have an automatic payment, be sure to adjust your payment before May 9, when this change goes into effect. For members with a fixed-rate credit card, please note that you will not be affected by this change.

With rising rates, your current minimum payment might not cover all interest due or make a dent in your principal, or the balance before interest. This change will help you pay less interest and pay down your debt faster.

Just paying $10 more a month makes a huge difference! Look at the impact your new minimum payment will make:

Example 1: $1200 balance with 18% APR

With the previous minimum payment of $15:	With the new minimum payment of $25:
– You pay $1051 in interest – You pay off your debt in 94 months	– You pay $937 in interest – You pay off your debt in 86 months

You’ll pay off your debt 8 months sooner and pay $114 less in interest! That’s almost 5 minimum payments and nearly a year taken off from paying off your balance!          

Example 2: $1000 balance with 20% APR

With the previous minimum payment of $15:	With the new minimum payment of $25:
– You pay $818 in interest – You pay off your debt in 80 months	– You pay $461 in interest – You pay off your debt in 48 months

You’ll pay off your debt 32 months sooner and pay $357 less in interest! You’ll pay almost half the amount of interest and pay off your debt 2 1/2 years earlier!

Paying more than the minimum

While this change will help you pay down your debt, it’s always a good idea to pay more than just the minimum payment.

For example, consider you have a balance of $5500 with an APR of 17.1%, and aren’t making additional purchases. If you make only the minimum payment of $110, it will take you 89 months to pay off your balance.

Paying just a little more makes a big difference:

Payment	Months to Pay Off	Total Interest Paid
$110	89	$4,190
$120	75	$3,479
$150	53	$2,336
$200	36	$1,530

Even an extra $10 each payment shortens the amount of time needed to pay off the balance, plus saves you significantly on the amount of interest paid. Click here to see the impact paying more can make for yourself!