Translation please of new minimum credit card payment calculation

[niccig]

I received this in the cc. statement from Capital One.
Required by federal banking regulators...

"If your new statement balance is $15 or less, your minimum payment will be equal to your balance. Otherwise we calculate your minimum payment by adding any past due amount to the greater of $15 or the total of 1% of your new statement balance, plus new interest (periodic finance charges), plus new late payment fees.

This minimum payment will be requried for every statement with a balance, even if you paid more than the minimum payment or made mulitple payments in a previous billing period.

It's gobbledy talk to me...what does the above mean...I've google and still trying to work it out.

Thanks.

[Snow mom]

Here's what I take it to mean:

(1) If your balance is less than $15 (yeah, right) the minimum payment is that balance amount

(2) If your balance is greater than $15 there are two options (and your minimum payment will be the one that is more):

(2a) past due amount plus $15

(2b) past due amount plus 1% of new balance (if the new balance was $100, this would be $1), plus new interest (would depend on your interest rate), plus late charges.

I'm not sure if this has made it any clearer. I feel like maybe the bullet points are better than the long sentences.

[ThreeofUs]

"We really want to soak you for as much as possible, but can't say that directly."

:)

[niccig]

LOL. I agree, we'll take as much of your money as we can!

Thanks for the explanation. I don't carry a balance, it's paid off every month, I just could not work out what they were saying, and I read it a few times and I'm not dumb. I can easily see how people get caught out when it's not plain English.