Credit card manipulations  

allgoodhndlstakn 59M
11 posts
2/5/2006 9:54 pm

Last Read:
3/5/2006 9:27 pm

Credit card manipulations


Has anyone noticed the credit industry's move to reduce grace periods on credit cards? Most cards have grace periods over 25 days, but some card companies recently have reduced their grace periods to as little as 20 days. This change has, I believe, a twofold purpose. First, it is designed to increase the quantity of missed payments. Second, it is taken to reduce impact of customers who pay their credit card bills in full every month. Credit card companies absolutely hate people who pay in full every month because they make almost no money off of them. Recently, I received a credit card bill February 1st with a payment due date of February 10th. Given that you are supposed to allow a week for your payment to arrive at their offices for credit, that leaves 2 days to mail out the payment. That, as I see it, is ridiculous. Does anyone doubt that I will cancel this card at the earliest opportunity? I recommend you check your credit cards for the length of their grace periods and consider changing card companies if they begin overly abusing their customers in this manner.

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