Line of credit minimum payment due is full amount. How come
I kind of feel deceived. I applied for $1000 line of credit yesterday and was approved.
I used the $1000 the next day. The first payment due is in 2 weeks only (I thought it would be 30 days).
And minimum payment due is full payment due.
What's the point of the credit line if you have to pay the full amount that you use within 2 weeks?
Sounds very predatory. My credit isn't that good anyway.
I honestly thought I'll get at least 30 days and there will be minimum payment that's not full balance.
I looked at all the paperwork that I signed digitally and no mention of payment due dates or how the minimum balance is calculated.
by 
Easygoing98
ANSWERS: 5
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I would call and ask for clarification regarding the account. If it doesn't work for you, you can close the account.
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spending money you don't have never ends well. You should feel stupid for not understanding what you signed up to. Pay it out and cut the card up so you don't do it again. Why do you think they lend money so they can charge interest get you into debt and trick you out of you assets. its not so you can save money is it?
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Black Mystique I would say, credit cards and lines of credit are tricking things. Live and learn. I have been there and done it myself. If you can not pay them off at the end of each month, then do not use them.
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Maybe you have bad credit. hehehe. Or maybe they found out you have no job.
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It appears that you jumped into something blindly and didn't familiarize yourself with the terms of the loan. The fact that you said your credit wasn't that good suggests that you had to put up some kind of collateral - a house or a car. It also sounds like you needed the money for some quick repairs to the item you used as collateral - perhaps because you had a buyer for it. If you sold the item you put up against the loan, the balance of the entire loan would become due immediately.
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Like any non-credit-card high-interest-rate short-term loan. Credit cards are very strictly regulated by the US government and these regulations are intended to make it "easier" on their owners than other sorts of "credit lines" (as far as terms of repayment). What YOU'VE got is more like a title loan, where you have a very short repayment term and very little "wiggle room" when it comes to repayment. *** Now: if their REALLY WERE no mention of payment due dates, then you have a legal case, because the ***contract*** should have been very specific about such things. I find it hard to believe that the contract did not specify repayment terms in excruciating (and therefore legally-binding) detail.
Linda Joy 
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