Credit Cards will soon charge interest effective on the date of purchase for everyone!

[BuenoOffenhauser]

Credit Cards will soon charge interest effective on the date of purchase for everyone!

Some may and will be abandoned and replaced by cards that don't. CC cards are a convenience to both purchaser and merchant.

[gen811]

"I was talking to some people in the banking industry who work with the Credit Card division about the topic of CC interest and service charges. I was told that the amount of competition in the Credit Card business continues to go down. More than 80% of Credit Cards are now controlled by Chase, Citicorp and Capital One.

Anyway, they hope to eventually control enough of the market so they can start charging interest from the date of purchase for all customers including people who pay their accounts in full each month. Basically all customers who charged during the month would pay some interest unless they had a Credit Balance on their account larger than the charges.

Reduced competition in the Credit Card industry has already:

Increased interest rates, late charges, returned check charges, fees for cash advances and convenience checks, annual fees, etc. It is only a matter of time before we all pay alot of interest regardless of our payment habits."

They are stupid if they think this will work I would close all my accounts all at once.
MOST responsible people ONLY USE THE CC because it gives POINTS AND REWARDS once the rewards are less than the fees then people will DROP the CC like flies.

no way no how are smart people going to use a cc then
if they think this will work they have something coming.

they will keep their cards open and just not use them.
until they charge fees for just having them.
at that point HELL no.

but reading the post again it is old news... never going to happen if they have any intelligence at all working at the companies.

[mskamelot]

Then I will buy and pay off on same day via phone
I love credit card.

[JXBC]

Originally Posted by PortCharlotteNewbie

many already charge interest from date of purchase if you don't pay the entire balance each month. Check your statements and balance them like a checking account. Also, note on those FREE interest accounts, if you miss a minimum payment or don't pay it all prior to promo deadline, you will pay interest from the purchase date and possibly overcharge fees and a higher interest rate. Best advice, balance your statements. At least know what you are paying for.

That's standard if you don't pay your balance off in full.

Credit cards should be purely for the benefit of rewards and delaying paying purchases that you'd intend to pay off via debit card or cash, anyway.

Hence why I use only two cards: my American Express Platinum card (due in full every month), and my Merrill Lynch Wealth Management Visa Charge card.

Both are paid automatically from my account, and the AmEx is required to be in full regardless.

I won't put anything through my cards unless I have the cash to pay it off in full at that time.

[texdav]

I really think whoever you talked to was pure BSer.I have even seen representative from those bank discuss the changes and its nothing as described. The changes come from consumer protection laws on shifting cost to others. Basically the main thing hit is accounts whose service cost wasn't covered because they didn't use them enough. There are also rules on raising interest rates. Changes where made over a year ago and consumer got the notices already. They are not going to commit suicide by dropping a loan scheme they make billions on. This discussion happen a year ago. Now we are getting to Dodd/Frank and changes it means especially to new mortgages and refis. OP is two years behind.