Hello everyone just a little FYI got an increase on my Aspen card to $1,000 a $350 increase, but here is why this is not under the credit line increase thread. NEW TERMS AND CONDITIONS. My interest rate dropped from 15% to 9.9 and my annual fee dropped to $75. Here is the kicker my monthly participation fee went to $10 a month from 6.50. I'm not sure how but I sure I am getting screwed some how. Does anyone know what this means.

We are changing your MINIMUM PAYMENT calculation to ensure compliance to ensure compliance with regulatory guidance issued by our federal banking regulator?

Hi Jay,

What was your annual fee before? If you take the difference in the monthly participation fee ($3.50 x 12) you are paying $42 more per year. So if your annual fee went down $42 then it is basically a wash. If your annual fee went down less then $42 that was where you were hosed my friend.
What other cards do you have? Have you tried Capital One or Hooters? Also, maybe a secured card from BofA/Citi/Wells Fargo/US Bank would be something I recommend because lets be honest, Aspen Card won't grow with you so it would be best to get rid of it now before you have too much time invested in it. (Only close it if you have another card mentioned above).
As far as the minimum payment calculation; a few years ago (and forgive me for not having exact details) the government went after credit card issuers for basically making it too easy for the consumer to stay in debt by only repaying 2% each month. The law basically states that you will have usually two different minimum payment calculations each month: the old way, or if you were late, over limit etc then they have to include those fees or penalties in your minimum payment.
Seriously though, please consider your options for a card that will grow with you (seriously, Capital One!).

Nice info Colo!

I just received a change in terms with my 1/17/09 statement from Discover.

Several things are changing; but two stuck out from the rest

I got that as well, but I am saving up my rewards. Discover is still my card of choice and use it where ever it is accepted. What makes the rewards add up faster is if you shop through the Discover website. Some places are 20% cash back.

Hello everyone just a little FYI got an increase on my Aspen card to $1,000 a $350 increase, but here is why this is not under the credit line increase thread. NEW TERMS AND CONDITIONS. My interest rate dropped from 15% to 9.9 and my annual fee dropped to $75. Here is the kicker my monthly participation fee went to $10 a month from 6.50. I'm not sure how but I sure I am getting screwed some how. Does anyone know what this means.

We are changing your MINIMUM PAYMENT calculation to ensure compliance to ensure compliance with regulatory guidance issued by our federal banking regulator?

I just received a change in terms with my 1/17/09 statement from Discover.

Several things are changing; but two stuck out from the rest:

The Dual Billing Cycle method for computing interest is going to the Average Daily Balance model, which is very good (I don't carry balances on this card, but good to know that the Dual Cycle is gone) but is likely a result of the new changes Congress approved for credit cards.

Here is the kicker though; the Cashback Bonus is now going to only be redeemable in increments of $50 (it was $20 and before that as long as you had at least $5 they sent a check automatically on your Anniversary Dates). Now, I stopped really using my Discover for everything back in 2004 when I switched to my Citi Dividend but I love my Discover and use it for the special 5% Bonus Cash offers. But do you know how long it will take the average person to accumulate $50 on a Discover Card? Woah. They have a counter offer of being able to redeem your Cash Back Bonus in increments of $20 if you choose a gift card from one of their partners (not available in CO, CT, HI, NH, RI, TN or VT).

So just a heads up for all of you, I am sure some if not most will receive this change in terms for your existing Discover Card. The effective date is 5/1/09. Not sure if this will change for new applicatants or not.

Bummer. Otherwise, they are a good company, but this just redeems my decision in 2004 to switch to a better cash back card.