web analytics

New Info Provided on American Express Statement – I Love It!

June 11, 2010 · 118 comments

in Personal Finance

I opened my American Express bill this month and I saw something new (to me) on the first page.  American Express provided a ‘Minimum Payment Warning’ along with a little grid, that displayed the following:

“If you make no additional charges and each month you pay only the minimum amount due, the balance shown on this statement (which was $6,662.90) will be paid off in about 25 years and you will pay an estimated total of $15,926.”

“If you make no additional charges and each month and you pay $238, the balance shown on this statement will be paid of in about 3 years, and you will pay an estimated total of $8,580.”

It then says you will save $7,346 if you make that payment of $238 vs the minimum payment.

Seeing this information got me wondering why American Express was providing such details.  At first glance I thought they were crazy because all that interest is how they make their money.  We pay our bill off every month, so they make nothing off us at all.  As a matter of fact, with our American Express Blue Cash Reward Card, they pay us about $1400 every year to use their credit card, and we get the money right before Christmas, which is pretty fantastic.  But  anyway, I always figured the credit card companies made a killing off those that only paid the minimum payment each month. I then originally submitted this post thinking that maybe so many people were walking away from their credit card debt, that maybe it was better financially for the credit card companies to actually have people pay more each month and fore go the money made off the interest payments.  In other words, American Express provided this information because a bird in the hand is better than whatever it is in the bush.  However, a well informed reader (thank you Greg!) commented that the credit card companies were forced to disclose this information as part of the Credit Card Accountability, Responsibility and Disclosure Act

(Side note, this post was then modified to include the information Greg provided.)

So even though the payoff  information was not provided altruistically by American Express, I am so glad that this data is readily available to credit card users.   Everyone knows in their head that high-interest cards can destroy you financially.  However, I think the real impact of only making minimum payments is much easier to understand when it is spelled out so clearly like American Express (and others) have been required to do.

Obviously I am late in recognizing this new feature on credit card bills.  Just curious, has reading the bill payoff information on your credit card bill made a difference in how much you pay on your bill?   Or do you always pay your bill off every month so it really doesn’t matter?

If you enjoyed this post, please leave a comment or subscribe to the RSS feed to have future articles delivered to your feed reader. Thanks for visiting!!!

{ 115 comments… read them below or add one }

Greg June 11, 2010 at 8:36 am

Hey Kris,

This is part of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) that went into effect back in February. All credit card companies are now required to show you this information.

Reply

Kris June 11, 2010 at 9:09 am

Thank you Greg! I was in the dark on this one for sure!!

Reply

Budgeting in the Fun Stuff June 11, 2010 at 1:59 pm

We pay off our bill every month anyway, but I was glad to see the info since I’m sure there were a bunch of people who never really crunched the numbers for themselves before…

Reply

Kris June 11, 2010 at 2:36 pm

BFS – I have always known the difference was big, but it really hit me when I saw it broken down like that. I obviously do not even look at my statement that often if I am just now noticing they provide that information. I just check my recent activity a few times a month online to make sure nothing is wrong, so I don’t really have to look at the statement that closely when it arrives.

Reply

Money Reasons June 11, 2010 at 4:02 pm

We always pay off our balance in full every month too. But I use my rewards credit cards for everything! After all, they act as a cash discount on purchases!

I think it’s great that they disclose that information too. I’ve had friends and relatives that have carried large balances. I’ve tried to explain how much it’s costing them, but I don’t think they believed me. But when it’s right on the statement (hehehe), it’s hard to deny!

Reply

Kris June 11, 2010 at 5:04 pm

I love my blue cash reward card. But I do wonder if I spend more money because I have a convenient credit card as opposed to using cash only…

Reply

Money Reasons June 13, 2010 at 2:50 pm

For me, no. But I’m in the UPromise program, and I did notice initially that I would be more apt to buy grocery products that I normally wouldn’t buy. It was just one more reason for a yes answer to buy something. While I never went overboard, I did try a few items that I wouldn’t have normally.

But with my rewards credit cards, I’m too cheap to do extra spending to try and take advantage of the rewards 🙂 But I bet some people do!!!

Reply

Revanche June 12, 2010 at 2:19 pm

I knew it was happening because of the chatter on the blogosphere about it, long before it was happening but I still haven’t seen it because I pay my bill electronically and only vet the purchases for accuracy.

I’m hoping that it’ll help people realize the gravity of their debt-burden but I know it’ll come back and bite the rest of us who milk CCs for the benefits and don’t “pay in.”

Reply

Kris June 12, 2010 at 2:22 pm

Hello! I also wonder how long American Express will pay me to use their card. I guess I will enjoy it while I can.

You and I look at our credit card info the same way! I look at my purchases a few times a month to catch anything fraudulent, but usually don’t look at the front page of the statement.

Thanks for visiting!

Reply

Young Mogul June 12, 2010 at 5:00 pm

The thing is…most people have switched to paperless statements, so unless this info is also provided on the electronic versions, most will never see it. I wouldn’t have ever known this had I not seen it here.

Reply

christina December 16, 2010 at 1:46 am

Obviously they need to provide the whole transaction so atleast we aware of payments.

Reply

Online Muslim Matrimonials January 31, 2011 at 7:28 am

For payment they should clear all the Do’s and don’ts.

Reply

Oakley sunglasses June 14, 2011 at 11:43 pm

At the same time, today, the actions, and inaction, of human beings imperil not only life on the planet, but the very life of the planet.

Reply

PatrickLem September 3, 2021 at 11:30 pm

gay dating sites scruff
long term gay dating site
dating sites for gay geeks

Reply

Henryjuilk September 9, 2021 at 12:43 am

gay teen dating services
bi and gay dating sites
a gay man dating bi man tips

Reply

puccio remodeling September 11, 2021 at 11:31 pm

whoah this weblog is fantastic i love reading your posts. Stay up the good paintings! You know, lots of people are searching round for this information, you can help them greatly.

Reply

plumber to move gas line September 12, 2021 at 10:45 pm

Hi, i read your blog occasionally and i own a similar one and i was just curious if you get a lot of spam remarks? If so how do you prevent it, any plugin or anything you can suggest? I get so much lately it’s driving me insane so any help is very much appreciated.

Reply

Henryjuilk September 13, 2021 at 6:26 pm

grindr gay online dating
gay bisexual dating site
why is gay dating so difficult

Reply

attorney general employment opportunities in Berkeley September 14, 2021 at 11:55 am

I’m not that much of a internet reader to be honest but your blogs really nice, keep it up! I’ll go ahead and bookmark your site to come back in the future. Cheers

Reply

when should an attorney be consulted for legal advice related to employment law issues? in Berkeley September 15, 2021 at 2:20 am

You actually make it seem so easy with your presentation but I find this topic to be actually something which I think I would never understand. It seems too complicated and extremely broad for me. I am looking forward for your next post, I will try to get the hang of it!

Reply

nearby jewelry store September 18, 2021 at 5:49 am

Wow! Thank you! I permanently needed to write on my blog something like that. Can I include a portion of your post to my blog?

Reply

how to be dog trainer September 18, 2021 at 2:25 pm

Valuable information. Lucky me I found your website by accident, and I am shocked why this accident did not happened earlier! I bookmarked it.

Reply

4G Mobile Proxy September 18, 2021 at 9:38 pm

This web site can be a walk-by way of for all the data you wanted about this and didn’t know who to ask. Glimpse right here, and you’ll undoubtedly discover it.

Reply

cost of complete home solar system September 19, 2021 at 12:49 pm

We’re a gaggle of volunteers and starting a brand new scheme in our community. Your website offered us with helpful info to paintings on. You’ve done a formidable job and our entire neighborhood might be thankful to you.

Reply

book a session now September 22, 2021 at 2:55 pm

Hi there, You have done an incredible job. I’ll definitely digg it and individually suggest to my friends. I am sure they’ll be benefited from this web site.

Reply

complete solar system for home price in washington state September 23, 2021 at 7:59 am

Excellent website you have here but I was curious about if you knew of any user discussion forums that cover the same topics discussed here? I’d really love to be a part of online community where I can get feedback from other experienced people that share the same interest. If you have any suggestions, please let me know. Bless you!

Reply

plumber or electrician September 27, 2021 at 3:05 am

I appreciate, cause I found just what I was looking for. You’ve ended my four day long hunt! God Bless you man. Have a great day. Bye

Reply

driving under ovi suspension September 27, 2021 at 9:03 am

Youre so cool! I dont suppose Ive read something like this before. So nice to seek out any individual with some original thoughts on this subject. realy thank you for starting this up. this web site is something that’s needed on the web, somebody with a bit of originality. useful job for bringing something new to the web!

Reply

hvac service estimating software September 28, 2021 at 6:36 am

Heya i’m for the first time here. I found this board and I find It truly useful & it helped me out a lot. I hope to give something back and aid others like you aided me.

Reply

hvac repair cost September 28, 2021 at 10:48 am

I was curious if you ever thought of changing the structure of your site? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having one or two pictures. Maybe you could space it out better?

Reply

24 hour emergency plumber September 29, 2021 at 10:49 pm

It’s actually a nice and useful piece of info. I am glad that you shared this useful information with us. Please keep us informed like this. Thanks for sharing.

Reply

las vegas stone September 30, 2021 at 2:41 am

Thanks for the update, is there any way I can receive an alert email every time you publish a new article?

Reply

jiu jistsu October 1, 2021 at 5:57 am

Wow, amazing blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your web site is magnificent, let alone the content!

Reply

Dino's Barber Shop San Diego October 3, 2021 at 10:26 pm

Valuable information. Lucky me I found your web site by accident, and I am shocked why this accident didn’t happened earlier! I bookmarked it.

Reply

employment law attorney free in Berkeley October 5, 2021 at 3:31 am

I will immediately grab your rss feed as I can not find your email subscription link or newsletter service. Do you’ve any? Please permit me know in order that I could subscribe. Thanks.

Reply

Mitchell Hackathorn October 5, 2021 at 1:58 pm

It is really a nice and helpful piece of info. I’m glad that you shared this useful info with us. Please keep us up to date like this. Thank you for sharing.

Reply

apple careers employment attorney in Berkeley October 6, 2021 at 9:42 am

Hi my family member! I want to say that this post is amazing, great written and come with approximately all significant infos. I’d like to look more posts like this .

Reply

write a descriptive essay October 7, 2021 at 2:01 pm

You have awesome info on this web-site. https://essayghostwriter.com/

Reply

benefits of a home battery system with solar panels October 8, 2021 at 12:48 am

I do not even know how I ended up here, but I thought this post was great. I don’t know who you are but definitely you are going to a famous blogger if you aren’t already 😉 Cheers!

Reply

jewelry store designs in mesa, AZ October 8, 2021 at 5:25 am

We absolutely love your blog and find the majority of your post’s to be exactly I’m looking for. can you offer guest writers to write content for yourself? I wouldn’t mind creating a post or elaborating on most of the subjects you write with regards to here. Again, awesome site!

Reply

become a dog trainer near me October 9, 2021 at 12:51 am

Sweet blog! I found it while browsing on Yahoo News. Do you have any suggestions on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Appreciate it

Reply

custom essays writing October 9, 2021 at 2:45 am

Sustain the incredible work !! Lovin’ it! https://essaysnet.com/

Reply

essay paper writing services October 9, 2021 at 3:40 am

Your advice is extremely useful. https://essaypoints.com/

Reply

pay to write my essay October 9, 2021 at 6:44 am

Basically needed to mention Now i am grateful I came upon your site! http://https:/essaytag.com/

Reply

GustavoAbrab October 9, 2021 at 9:16 pm

buy research papers
write my college essay

Reply

trespassing laws in ohio October 12, 2021 at 9:02 am

I’d have to check with you here. Which is not something I usually do! I get pleasure from reading a put up that will make individuals think. Also, thanks for permitting me to remark!

Reply

virtual dog trainer October 12, 2021 at 12:59 pm

A person necessarily lend a hand to make severely articles I might state. This is the very first time I frequented your web page and up to now? I amazed with the research you made to make this actual put up extraordinary. Fantastic activity!

Reply

online usa casino October 13, 2021 at 11:08 pm

You’re a very valuable web site; couldn’t make it without ya! https://online2casino.com/

Reply

Matthewcag October 13, 2021 at 11:26 pm

places to do community service
federal resume writing service

Reply

online real casino October 14, 2021 at 2:31 am

Wow because this is excellent work! Congrats and keep it up. https://onlinecasinos4me.com/

Reply

?????? Squid Game ???????? October 14, 2021 at 12:41 pm

Good write-up, I’m normal visitor of one’s web site, maintain up the excellent operate, and It’s going to be a regular visitor for a long time.

Reply

Harmony Rana October 15, 2021 at 12:34 pm

May I just say what a relief to find an individual who really knows taruhan bola deposit pulsa This site is one thing that is needed on the internet, someone with a little originality!

Reply

????????????? October 17, 2021 at 4:52 am

Hey There. I found your blog the use of msn. This is a really well written article. I’ll make sure to bookmark it and return to read extra of your helpful information. Thanks for the post. I’ll certainly comeback.

Reply

??????? October 18, 2021 at 10:37 am

Fantastic site. Lots of useful information here. I am sending it to a few friends ans also sharing in delicious. And of course, thanks for your effort!

Reply

http://google.co.zw/url?q=https://www.homeadvisor.com/rated.pjmachvac.104947641.html October 18, 2021 at 5:25 pm

It is really a great and helpful piece of info. I am glad that you shared this useful info with us. Please keep us informed like this. Thanks for sharing.

Reply

plummer or plumber October 19, 2021 at 8:34 am

I was suggested this web site by my cousin. I’m not sure whether this post is written by him as no one else know such detailed about my problem. You’re incredible! Thanks!

Reply

hot water solar system home heating components October 19, 2021 at 10:14 am

I used to be very happy to seek out this internet-site.I wanted to thanks to your time for this glorious learn!! I undoubtedly enjoying each little little bit of it and I have you bookmarked to check out new stuff you weblog post.

Reply

plumber crack October 19, 2021 at 8:55 pm

Hi are using Wordpress for your site platform? I’m new to the blog world but I’m trying to get started and create my own. Do you need any coding expertise to make your own blog? Any help would be really appreciated!

Reply

get in touch October 20, 2021 at 10:36 pm

Hey there! I know this is kinda off topic however I’d figured I’d ask. Would you be interested in exchanging links or maybe guest authoring a blog article or vice-versa? My website addresses a lot of the same topics as yours and I think we could greatly benefit from each other. If you happen to be interested feel free to shoot me an email. I look forward to hearing from you! Terrific blog by the way!

Reply

not your mother's October 21, 2021 at 12:17 pm

A round of applause for your blog article.Really looking forward to read more. Fantastic.

Reply

refinish saltillo tile October 22, 2021 at 5:11 pm

Thanks for the good writeup. It if truth be told used to be a enjoyment account it. Look complex to far delivered agreeable from you! By the way, how can we communicate?

Reply

?????????? October 24, 2021 at 9:55 am

It’s hard to search out educated folks on this matter, but you sound like you recognize what you’re talking about! Thanks

Reply

ini linknya October 24, 2021 at 8:19 pm

Can I just say what a relief to discover somebody that genuinely knows permainan judi dingdong online This site is something that is needed on the web, someone with a bit of originality!

Reply

online casino free bonus October 26, 2021 at 6:44 am

Very good Site, Keep up the beneficial job. Appreciate it! https://casinosonlinex.com/

Reply

stripping wax from tile floors October 26, 2021 at 7:10 am

Thank you for the good writeup. It in fact was a enjoyment account it. Glance complex to more brought agreeable from you! By the way, how could we keep up a correspondence?

Reply

casino bonuses online October 26, 2021 at 8:22 am

Hi, neat online site you’ve got right now. https://onlinecasinoad.com/

Reply

old spanish trail las vegas October 26, 2021 at 9:53 am

Youre so cool! I dont suppose Ive learn anything like this before. So good to seek out any individual with some unique thoughts on this subject. realy thanks for beginning this up. this web site is one thing that is needed on the web, someone with a little bit originality. useful job for bringing one thing new to the web!

Reply

online mobile casino October 27, 2021 at 8:08 am

Wow, gorgeous website. Thnx … https://casinoonlinet.com/

Reply

best online casino deposit bonuses October 27, 2021 at 8:56 am

Love the site– very individual friendly and whole
lots to see! https://casinoonlinek.com/

Reply

tile and grout repair and cleaning October 28, 2021 at 9:02 am

What i do not realize is actually how you are not really much more well-liked than you might be now. You’re so intelligent. You realize therefore considerably relating to this subject, produced me personally consider it from numerous varied angles. Its like men and women aren’t fascinated unless it is one thing to do with Lady gaga! Your own stuffs excellent. Always maintain it up!

Reply

new bjj gi October 28, 2021 at 5:24 pm

Whoa! This blog looks just like my old one! It’s on a completely different topic but it has pretty much the same layout and design. Wonderful choice of colors!

Reply

link ini October 28, 2021 at 8:03 pm

May I just say what a comfort to uncover a person that actually understands taruhan bola paling aman This website is something that is required on the internet, someone with a bit of originality!

Reply

writing a college essay October 29, 2021 at 7:48 am

Sustain the helpful job and bringing in the crowd! https://student-essay.com/

Reply

writing a persuasive essay October 29, 2021 at 9:34 am

Thanks a ton for sharing this very good web-site. https://buy1essay.com/

Reply

what to write college essay about October 29, 2021 at 10:51 am

I benefit from checking your internet site. Thanks! https://multiessay.com/

Reply

writing a good essay October 30, 2021 at 11:28 am

Very good Site, Keep up the useful job. Thank you so much! https://dollaressays.com/

Reply

writing narrative essays October 30, 2021 at 2:36 pm

You’ve gotten one of the best websites. https://essaytodo.com/

Reply

grout crumbling October 31, 2021 at 5:26 am

Wonderful beat ! I would like to apprentice while you amend your web site, how can i subscribe for a blog website? The account helped me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear concept

Reply

writing a essay about yourself November 4, 2021 at 12:34 am

Passion the site– really individual friendly and
whole lots to see! https://checkyouressay.com/

Reply

BrandonZobof November 4, 2021 at 3:25 am

persuasive writing essay
writing essay services
mba essay writing services

Reply

what to write in a college essay November 4, 2021 at 3:27 am

Great internet site! It looks extremely good!
Sustain the great work! https://essayprepworkshop.com/

Reply

jit jitsu November 5, 2021 at 1:15 am

You made some decent factors there. I appeared on the internet for the issue and found most people will go together with with your website.

Reply

inspiration November 5, 2021 at 4:09 am

Wow, great blog post.Thanks Again. Will read on…

Reply

booster November 5, 2021 at 1:54 pm

Very good post. Great.

Reply

muay thai schools near me November 5, 2021 at 2:10 pm

Hello there, I found your site via Google while searching for a related topic, your site came up, it looks great. I’ve bookmarked it in my google bookmarks.

Reply

vegas casino online no deposit bonus November 5, 2021 at 7:53 pm

Great looking web site. Assume you did a whole lot of your own coding. https://casinogamesmachines.com/

Reply

deposit bonuses November 5, 2021 at 9:00 pm

Maintain the helpful job and generating the crowd! https://online-casinos-hub.com/

Reply

Visit Here November 6, 2021 at 8:50 am

Hey, thanks for the article.Thanks Again. Cool.

Reply

Download Lagu Mp3 November 6, 2021 at 11:43 am

Appreciate you sharing, great article post.Much thanks again. Really Great.

Reply

silicone penis sleeve November 7, 2021 at 4:10 am

I really liked your article.Really thank you! Awesome.

Reply

arcadia florida roofing November 7, 2021 at 6:28 pm

Looking forward to reading more. Great blog.Really thank you! Fantastic.

Reply

penis extension for small penis November 8, 2021 at 6:46 am

Thanks for the blog.Really thank you! Fantastic.

Reply

stories November 8, 2021 at 1:07 pm

Enjoyed every bit of your blog post.Really thank you! Really Cool.

Reply

DonaldAcure November 9, 2021 at 1:02 am

how to write a reflective essay
cheap essay writing service
what to write about in college essay

Reply

Games To Earn Money November 12, 2021 at 12:28 am

Very well written information. It will be supportive to everyone who utilizes it, including yours truly :). Keep doing what you are doing – looking forward to more posts.

Reply

new grounds sex games November 20, 2021 at 4:18 am

Thanks regarding supplying such superior subject material. https://winsexgames.com/

Reply

paint zoom sprayer November 20, 2021 at 12:16 pm

Thank you for your post. Awesome.

Reply

star wars sex games November 20, 2021 at 8:05 pm

Neat Site, Keep up the wonderful job. Thanks a lot. https://sexygamess.com/

Reply

??? November 21, 2021 at 6:22 am

Massage

Reply

dangers of a keto diet November 21, 2021 at 7:14 am

Thanks for the purpose of providing such amazing details. https://ketogendiet.net/

Reply

babysitter sex games November 21, 2021 at 8:03 am

Sustain the amazing job !! Lovin’ it! https://sex4games.com/

Reply

bizarre japanese sex games November 21, 2021 at 10:09 am

thank so a lot for your site it assists a whole lot. https://sexgamesx.net/

Reply

Tik tok video download without watermark November 21, 2021 at 3:37 pm

Im obliged for the article post.Much thanks again.

Reply

keto diet pills November 22, 2021 at 11:27 am

say thanks to so a lot for your website
it assists a great deal. https://ketogendiets.com/

Reply

clit stimulator November 22, 2021 at 3:45 pm

Thanks so much for the blog.Thanks Again. Great.

Reply

ArthurVip November 25, 2021 at 1:08 pm

jessica rabbit sex games
sex while playing video games
sex games reddit

Reply

Genesis Tree Service November 25, 2021 at 2:08 pm

Appreciate you sharing, great post.

Reply

https://voyance-amour-belline.com November 25, 2021 at 6:18 pm

Thanks a lot for the post.Really looking forward to read more. Awesome.

Reply

????? November 27, 2021 at 4:03 am

In order to help members use the safety site, we are conducting a thorough eating and frying verification step.

Reply

??????? ?????? E200 November 27, 2021 at 7:28 am

Appreciate you sharing, great blog article. Much obliged.

Reply

??? November 27, 2021 at 2:33 pm

Thanks so much for the article.Really looking forward to read more. Keep writing.

Reply

DonaldTup November 28, 2021 at 12:33 am

transformation sex games
sex games gay
asian sex games english subtitles

Reply

one bedroom house for sale near me November 29, 2021 at 7:28 am

Im thankful for the blog article.Thanks Again. Really Cool.

Reply

????????????????? November 30, 2021 at 5:44 pm

An interesting dialogue is price comment. I feel that it is best to write extra on this topic, it may not be a taboo topic but typically individuals are not enough to speak on such topics. To the next. Cheers

Reply

????????????????? November 30, 2021 at 5:44 pm

Hello my friend! I wish to say that this article is awesome, nice written and include almost all significant infos. I would like to see more posts like this.

Reply

Leave a Comment

{ 3 trackbacks }

Previous post:

Next post: