BIg.... bad... big bad thing!
Mar. 19th, 2007 09:58 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
teddogUGH!
In short, several Canadian banks are changing the way that interest is handled with credit cards. This is a BIG heads up for anyone with CIBC (which would be me), Bank of Montreal and the Royal.
As I understand it, if you're late with a payment or if you only pay part of a payment, you now lose your interest free and grace periods until two months after your next full payment. So, not only will you be collecting interest on your current debt, but also on any new purchases within those two months.
This is sorta bad for me, because I'm dumb and sometimes make a payment RIGHT on the 15th through online banking, I'm technically paying on the 18th or something. I was late with my payment this month (I only got paid on the 15th, so that's when I paid off some on my card) but I think my purchases were still in an Interest-Free Period. Heck, the debt that I'm carrying is mostly just work clothes and transit tickets. o_O This blows.
In short, several Canadian banks are changing the way that interest is handled with credit cards. This is a BIG heads up for anyone with CIBC (which would be me), Bank of Montreal and the Royal.
As I understand it, if you're late with a payment or if you only pay part of a payment, you now lose your interest free and grace periods until two months after your next full payment. So, not only will you be collecting interest on your current debt, but also on any new purchases within those two months.
This is sorta bad for me, because I'm dumb and sometimes make a payment RIGHT on the 15th through online banking, I'm technically paying on the 18th or something. I was late with my payment this month (I only got paid on the 15th, so that's when I paid off some on my card) but I think my purchases were still in an Interest-Free Period. Heck, the debt that I'm carrying is mostly just work clothes and transit tickets. o_O This blows.
