FlyerTalk Forums - View Single Post - The end of the "Free Ride" for credit card holders with good credit?
Old May 20, 2009, 4:48 am
  #39  
stilloutthere
 
Join Date: Jul 2003
Location: St. Petersburg FL USA
Posts: 99
I'm in Florida and most of the gas stations post prices with a sign sticking out at the side saying 'CASH or brand CREDIT CARD'. I don't think cash discounts are illegal, but that the credit card companies put that in their contacts. I know American Express does.

As far as moving the grace period and billing dates around, asking them to move the date to one convenient for you won't work until the new laws go into effect, because the whole point of moving the date is to make you miss your payment date, thereby allowing the company to charge penalties and raise rates. The notice wasn't hidden in the fine print. It didn't happen.

A great many of the people who are incurring fees and rate changes are not those that are mismanaging their accounts, but those that are being cheated by the companies. It's as if you bought a car, and six months later your loan company moved your payment due date without noifying you, then reposeessed the car because your payment was late., and followed that by pointing out a tiny weirdly worded clause that essentially said that they didn't have to honor the original terms of the contract.

Losing a grace period is a small thing compared to that. I know, because they did that to me, moved the date with no real notice, so I sat down to pay my bill on the usual date, and discovered it was past due. the rate then went up. I hadn't used the card in a while, and I guess they figured they weren't making enough money off of me.

I don't think the bill goes far enough. I think they should only be allowed to raise rates for future purchases.
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