[NeoCaveman]

Having received the billing disclosures from two of the big guys, Citibank and MBNA I've read them and figured out this simple formula to figure out how much your minimum payment will be going up or down.

Take your interest rate and divide by 12. Then add 1 to that number. Your minimum payment will equal that number in percentage terms.

Examples at 18% (18/12) = 1.5 add 1 and you get 2.5% an increase from the original 2 or 2.2% of your balance.
At 12% (12/12) = 1, add 1, you get 2%>
At 6%, (6/12)= .5, add 1 and you get 1.5% a significant drop from the current 2 to 2.2% of the balance.
If your rate is less than 6%, your minimum is still 1.5% of the balance.

[No Blue States]

That doesnt sound so bad there. All of my payments will not double, but its probably a good idea to do it anyway if possible.Thanks for the info and formula.

[Moose4]

I work in the industry on the IT side as a contractor (ironic, considering my credit rating is in the toilet and I'm drowning in debt), and at least where I work, minimum payments now range from 2% to 3% of the outstanding balance per month. There is an indirect relationship between APR and minimum payment, in that it is illegal to have a minimum payment so low that your balance would go up (this is called "negative amortization" in credit-card-speak). So when your APR goes up, your minimum payment percentage must go up so that you're always making at least a tiny amount of headway on it. APRs and minimum payments can be adjusted independently, but certain APR adjustments will always trigger a minimum payment percentage increase to prevent negative amortization.

Your formula works out pretty close to how things go behind the scenes, from my limited knowledge.

}:-)4