Quote:
Originally Posted by Toupee Jay
I don't know where you're from but in the USA we are getting robbed by the credit card companies. You pay 3% (some cards charge even more) just to make a transaction and the monthly interest rate hovers around 18%! Or more on many cards. It's a double whammy! People will tell you to pay off your card in full every month and save on the interest, but that's easeir said then done for most people. Some cards now start charging interest shortly after the transaction is made. Then don't have to wait a full month anymore to do that. They'd like to get rid of all cash so we are forced to use only credit or debit cards. And that sir is the American way! Rob the little guys to further enrich the big guys.
No, they can't, and don't, do that. In accordance with the Credit Card Accountability and Disclosure Act of 2009, banks are legally required to give credit card holders a minimum of 21 days between the end of their monthly billing cycle and their bill due date to pay off their credit card balance before interest charges kick in.
You or your friends may be getting "robbed" by credit card companies, but I think they're great. Not only have I never paid any interest on any of my cards, but I've accumulated points, miles, and other rewards that have enabled me to travel around the world on the credit card company's dime. In effect, they're paying me to use their cards.