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I doubt this will happen, but if it does, so be it. I think they'd lose far more by not being able to charge the merchants even in the case of us "deadbeats" who pay off CC every month.
Should it happen... It's been nice knowing ya... Bye!
Another thing about credit cards is they plan to start charging an increased transaction charge that will be passed on to consumers. Another reason our economy is heading for a great depression.
I would surely give up my credit card if that happened. I only use my credit card for convenience, and most people I know do the same. I imagine they all would be discontinuing their use.
As you may or may not know, when a card is swiped, the card company gets a chunk of that at the end of the day. I guess if the card companies want to lose a good chunk of that revenue in exchange for the limited amounts they will get to charge people living on credit cards and likely having trouble paying the interest already, so be it.
To me, that would be an ignorant business decision.
Another thing about credit cards is they plan to start charging an increased transaction charge that will be passed on to consumers. Another reason our economy is heading for a great depression.
What did you do, read the headline and think everyone else would follow your hysteria? That link is about the law that will go into affect next Feb. Limiting credit card interest rate increases, issuing to college students, including requiring 45 days' notice before an interest rate change and plain English for terms and conditions, prohibiting companies from raising interest rates on existing balances unless a card holder falls 60 days behind on minimum payments.
The link you are referring to states that the CC companys are trying to raise their rates now on EXISTING customers who have delinquent accounts.
But, far be it from you to actually read anything you spew out.
Where do you get enjoyment from trying to cause this drama? Can't you post informative information, not propaganda.
The Korean war had "Seoul City Sue, Pyongyang Sally"
World War II had, "Tokyo Rose"
The Vietnam War had, "Hanoi Hannah"
and the 2003 Iraq war had, "Baghdad Bob"
is there supposed to be some sort of notoriety tied to this so called information you post.
What shall we dub the propagandist of the 2008 2009 Recession?
It is true that Capital One is now charging interest from the date of the charge/purchase, in addition to charging the merchant a flat percentage of roughly 2.5 to 3%. I have perfect credit, and pay balances in full every month. I just cancelled my two Capital One credit cards, and will also cancel any other of my cards that pull this or any other shady greedy stunt. All of us need to go back to cashing a check at the bank, and paying cash or check for everything... That will save you money and be devastating to the credit card companies.
It is true that Capital One is now charging interest from the date of the charge/purchase, in addition to charging the merchant a flat percentage of roughly 2.5 to 3%. I have perfect credit, and pay balances in full every month. I just cancelled my two Capital One credit cards, and will also cancel any other of my cards that pull this or any other shady greedy stunt. All of us need to go back to cashing a check at the bank, and paying cash or check for everything... That will save you money and be devastating to the credit card companies.
Do you have any links to support this? I have a Capitol One credit card myself and have not been told this.
Do you have any links to support this? I have a Capitol One credit card myself and have not been told this.
I just called about this (customer service was dreadful, btw). The lady would not tell me for the first ten minutes! She kept repeating "you will be notified of any changes to your account." I kept stating that I do not receive at least 25% of my US mail, maybe more, and could I be notified via email of changes, and more to the point TELL ME IF THIS IS TRUE.
Finally after ring around the rosy for a while she finally said there have been no changes to your account other than payments are now applied to your highest APR balance first (I haven't had a finance charge since the mid 90s and have never done a cash advance). She never would confirm nor deny that they've eliminated grace periods on purchases, but I left somewhat confident that they have not done so.
I guess time and my next statement period will tell...
Just happened with my Capital One visa cards. They are now charging interest from the date of purchase, as well as charging the merchant/vendor a fee of 2.5% to 3%. I cancelled both cards today, and will do the same with any other cards that pull this ****. I do not carry balances on my cards, have perfect credit, and pay in full each month. This greedy Capital One is not satisfied with making 3% in one day, meanwhile your money in a bank account would not return 3% IN ONE YEAR with current retuens... and on top of that, they want to charge interest now from date of purchase, with no grace period? The funny thing is, is that the only customers Capital One will be left with are accounts that are charged to the max and become charge-offs... where Capital One loses everything. No one with money and who pays their balance in full each month is going to tolerate this for a minute. Start paying everything by cash or check. You will save a fortune over your lifetime, and at the same time, destroy these banks and credit card companies. They will end up begging for your business, and do anything to get it. If you want to get even with the credit card companies, cancel all but the one card that treats you right, and if you have tons of credit card debt, STOP PAYING THEM ANYTHING and let the cards go into default. It will make you money in the long run, and the negative info by law will only be on your credit report for 7 years. STOP USING YOUR CARDS, ans for those heavily in debt, STOP PAYING, and go bankrupt if necessary. Good luck. If we work together, we can bring them to the point of collapse!!
My Mom just got notified by one of her credit card co.'s (not Capital One) that they no longer offer a grace period. There is no law that says banks have to offer an interest free period.
This is from the website of the Federal Trade Commission: (Tagline: "Protecting America's Consumers" )
"Grace Period. A grace period, also called a “free period,” lets you avoid finance charges if you pay your balance in full before the date it is due. Knowing whether a card gives you a grace period is important if you plan to pay your account in full each month. Without a grace period, the card issuer may impose a finance charge from the date you use your card or from the date each transaction is posted to your account." Choosing A Credit Card: The Deal is in the Disclosures
If you have a good rewards program on your card, you could wait 1 or 2 days until the charges show up on your online statement then pay them immediately. Then you would only be paying your interest rate x 2/360 x amount of purchase. It would not be much $. I would probably just stop using them myself.
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