Marriott Premier Visa-Change in Terms
Dec 18, 2006 | 8:57 am
#1
Original Poster
Join Date: Jan 2006
Programs: Marriott Lifetime Platinum, Hilton Honors Diamond,
Posts: 439
Marriott Premier Visa-Change in Terms
The following change in terms was recently included in my statement. Am I reading this correct when I think it means there is no longer a grace period for purchases, and finance charges begin accruing from the actual date of the transaction? Is this replacing the 23-day grace period? Did anybody else receive the same change in terms?
IMPORTANT NOTICE OF CHANGE IN TERMS
This Change in Terms notice contains the details of upcoming changes to your Cardmember Agreement (“agreement”). These changes will be effective the first day of your billing cycle that includes January 1, 2007.
They will apply to current and future balances on your account.
Please read this notice carefully. If you have questions about it, please contact us at the number on the back of your card.
Summary of Changes:
• In calculating finance charges, the date when transactions are added to your daily balances and begin to accrue periodic finance charges will be as early as the transaction date The change described in this notice will apply to your account automatically. If you were previously notified of the change described in this notice and it is already in effect on your account, it will continue to
apply. Any other terms on your account not described in this notice also continue to apply.
Again, please read the enclosed information, and keep this notice for your records.
AMENDMENTS TO YOUR AGREEMENT
Please note that some terms in your agreement or any amendment may appear with initial capital letters or all lower case letters. Such terms have the same meaning. For example, “Account” means the same as “account”.
If you have any questions about these amendments, please
call us at the number on the back of your card.
The following changes will apply automatically:
FINANCE CHARGE CALCULATION. The "Periodic Finance Charge Calculation" or "Finance Charge Calculation" section of your Agreement is amended to replace, in the portion that explains how we calculate the daily balance for each transaction category or feature, the sentence(s)
that describes when new transactions are added to the daily balances and begin to accrue finance charges. The revised terms are as follows:
We add a new purchase, cash advance, balance transfer or overdraft advance, if applicable, to the daily balance as of the transaction date, or a later date of our choice. We add a new cash advance check or balance transfer check to the daily balance as of the date the cash advance check or balance transfer check is deposited by a payee, or
a later date of our choice.
GRACE PERIOD. The "Grace Period" or "Grace Period and Accrual of Finance Charges” section of your Agreement is amended to replace the sentence that describes when periodic finance charges begin to accrue on transactions, fees and other finances charges. The revised sentence
is as follows:
We accrue periodic finance charges on a transaction, fee, or finance charge from the date it is added to your daily balance until payment in full is received on your account.
11/06 ADV2931
INW12105
This Change in Terms notice contains the details of upcoming changes to your Cardmember Agreement (“agreement”). These changes will be effective the first day of your billing cycle that includes January 1, 2007.
They will apply to current and future balances on your account.
Please read this notice carefully. If you have questions about it, please contact us at the number on the back of your card.
Summary of Changes:
• In calculating finance charges, the date when transactions are added to your daily balances and begin to accrue periodic finance charges will be as early as the transaction date The change described in this notice will apply to your account automatically. If you were previously notified of the change described in this notice and it is already in effect on your account, it will continue to
apply. Any other terms on your account not described in this notice also continue to apply.
Again, please read the enclosed information, and keep this notice for your records.
AMENDMENTS TO YOUR AGREEMENT
Please note that some terms in your agreement or any amendment may appear with initial capital letters or all lower case letters. Such terms have the same meaning. For example, “Account” means the same as “account”.
If you have any questions about these amendments, please
call us at the number on the back of your card.
The following changes will apply automatically:
FINANCE CHARGE CALCULATION. The "Periodic Finance Charge Calculation" or "Finance Charge Calculation" section of your Agreement is amended to replace, in the portion that explains how we calculate the daily balance for each transaction category or feature, the sentence(s)
that describes when new transactions are added to the daily balances and begin to accrue finance charges. The revised terms are as follows:
We add a new purchase, cash advance, balance transfer or overdraft advance, if applicable, to the daily balance as of the transaction date, or a later date of our choice. We add a new cash advance check or balance transfer check to the daily balance as of the date the cash advance check or balance transfer check is deposited by a payee, or
a later date of our choice.
GRACE PERIOD. The "Grace Period" or "Grace Period and Accrual of Finance Charges” section of your Agreement is amended to replace the sentence that describes when periodic finance charges begin to accrue on transactions, fees and other finances charges. The revised sentence
is as follows:
We accrue periodic finance charges on a transaction, fee, or finance charge from the date it is added to your daily balance until payment in full is received on your account.
11/06 ADV2931
INW12105
Dec 18, 2006 | 9:44 am
#2
Join Date: Aug 2004
Location: DCA, EGE, IAD
Programs: MR LTT, BA Gold, AA LTP, UA Silver
Posts: 6,094
Yes, if you carry a balance then this would be the case. If you pay your statement in full every month then this would not apply.
FWIW. the sentence from Notice of Change in Terms: "We accrue periodic finance charges on a transaction, fee, or finance charge from the date it is added to your daily balance until payment in full is received on your account." is the same in my original Cardmember Agreeement.
Nowhere in the Notice of Change in Terms does it mention the removal of, or amendment to, the following statement from the original Cardmember Agreeement: "However, we do not charge periodic finance charges on new purchases billed during the billing cycle if we receive payment of your New Balance by the date and time your minimum payment is due and we received payment of your New Balance on your previous billing statement by the date and time your payment was due.".
Oh and FWIW, there has never been a 23 day grace period on finance charges on new purchases for those that do not pay their statement balance in full every month.
FWIW. the sentence from Notice of Change in Terms: "We accrue periodic finance charges on a transaction, fee, or finance charge from the date it is added to your daily balance until payment in full is received on your account." is the same in my original Cardmember Agreeement.
Nowhere in the Notice of Change in Terms does it mention the removal of, or amendment to, the following statement from the original Cardmember Agreeement: "However, we do not charge periodic finance charges on new purchases billed during the billing cycle if we receive payment of your New Balance by the date and time your minimum payment is due and we received payment of your New Balance on your previous billing statement by the date and time your payment was due.".
Oh and FWIW, there has never been a 23 day grace period on finance charges on new purchases for those that do not pay their statement balance in full every month.
Last edited by aaupgrade; Dec 18, 2006 at 9:50 am
Dec 18, 2006 | 9:56 am
#3
Original Poster
Join Date: Jan 2006
Programs: Marriott Lifetime Platinum, Hilton Honors Diamond,
Posts: 439
So if I continue to pay it off monthly I shoudn't see a change. It just appeared to me my new charges were going to start accruing interest from the date of the charge, which if ever was the case, the card would no longer be of any benefit to me. Thanks for the clarification.