Originally Posted by
craz
Amex although they too had a due date really allowed you to pay it up by the time the new period would close and then didnt charge any % if you did it that way.
This is the case on the charge products but not the credit products which are the ones changing.
Yes, the CC company makes some cash off folks from late payments and the associated fees, but it also significantly increases the risks they face of default. Despite the penalties and fees people who pay late aren't good customers for the CC companies. People who carry a balance are, but not those who pay late.