Jim Flaherty's announcement today of a 21 day mandatory grace period on new credit card purchases is welcome news from my perspective. My bank actually got ahead of the curve, there was a notice on my last statement that they would increase the grace period to 21 days.
About 12 years ago, when I first got my credit card, there was a 21 day grace period on it. Then they dropped it to 19 and then I believe 16 or 17 days. Each time they dropped it was a major adjustment because I had become used to paying the bill at a certain time each month, that usually coincided with my pay check. At the time, the changes were a royal pain in the side, and almost resulted in my having to pay interest.
Now I don't need to worry about that happening again, and if I miss a payment it will be my own fault.
Good news if you ask me.
2 comments:
Whose fault was it before?
LOL - Touche.
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