A recent change to my credit card terms gobsmacked me

[maxrandb]

Could be related to Donnie Dipshit "empowering" banks and credit card companies to screw us again, or not, but I had never heard something so ridiculous in my life.

Got my credit card bill this month and noticed I was charged a small amount of interest. Problem was, the payment due date hadn't passed yet.

I called to find out why I was being charged interest on a bill that wasn't past due. Never use it for cash advances and always pay in full monthly, because if I do so, I pay no interest.

Here's the gobsmacking part. The customer service rep said; "we have changed our terms. Interest now starts on the "closing date" of your bill".

In this case, the closing date on my bill was 9 Febuary. The due date for payment was March 5. I was told that interest begins accruing on 9 Febuary, even if my bill is paid in full by the due date.

I asked him to repeat what he had just said, "because I couldn't believe what I had just heard".

He repeated that; "yes the terms have changed to begin interest on the closing date of the bill cycle, not the due date".

After some choice exchanges where I resisted the urge to talk to him like a US Navy Boatswain's Mate, I informed him I was exercising my "free market" hand and canceled the card and cut it up.

I'm too old to be a "Boomer", but I also don't like the policy to charge $2 a month to get paper bills through the mail. I accept that "fee" in today's digital world, but charging interest before the bill is due is a bridge too far.

I think everyone should be on the lookout for "enhanced" bank and credit card shenanigans, now that the fox is guarding the chicken coop.

Most people would probably just pay fees and recurring charges for paper bills, and either miss, or accept the "fine print of terms".

The banks count on it.

[JohnSJ]

1. If it was me I would cancel that card ASAP. Those terms are bullshit.

[maxrandb]

3. I did

[JohnSJ]

6. +++. That company deserves to go broke, but as you alluded to, they are trying to take advantage of people who

don't pay attention.

[dchill]

65. ALWAYS.

[MissKat]

34. what bank

my husband (the bill payer) was livid when I read your piece to him. He wants to know what bank.

[Omnipresent]

52. Maxrandb must want to protect the banks name.

No response yet???

[maxrandb]

60. No Max isn't

Max just feels that Eloon and the Incels have enough of his personal and financial data, no need to provide them with more.

I only encourage people to be vigilant and aware. Use the info as you see fit.

[Meadowoak]

9. That hurts your credit rating, or at least that's been my experience.

[JohnSJ]

10. Short term, and if you have a good credit score it won't even impact it. However, if that is a concern, then just shred

the card and don't use it.

[Meadowoak]

35. Yes, one year I used my tax refund and paid off two cards,

I think about a thousand dollar balance each. Paid them both off, and someone gave me bad advice, they said to cancel the cards after they are paid off. I did that and my credit score dropped 80 points. I would chose the shred option now.

[yellowdogintexas]

102. you can go on the bank's website and lock the account.

I have done this if I managed to misplace one of my cards somewhere around the house. Then if I need it I can unlock it then lock it back.

One solution is to go on line after you use the card and pay the amount you charged that day, before the closing date of your statement. If you only have one or two cards, it is fairly easy to keep up with it. I have done this with single merchant cards, like gasoline or store cards.

Now I need to go check mine for new strange things

I would also be looking into a new bank for a card to replace this one. Sometimes you can score a nice bonus, like 0% interest for a year.
I have 2 cards which give me miles; 1 which gives me hotel points (got free overnights 3 times this year), Prime points and Costco points. I have others which I use for rolling balances to avoid interest. (a great way to pay them down without drawing interest charges. )

[unweird]

2. Which Credit Card was this?

Can you share?

[Omnipresent]

53. Gobsmacked, can't speak or write...

Ask, never again.

[Meowmee]

4. Wow, that seems illegal to me...

I will watch out for this...

[Bluetus]

16. It is not illegal if there is nobody to enforce the law

[Meowmee]

74. Good thing op cancelled the card

[Oopsie Daisy]

5. Thanks for the heads-up. We also pay in full every month.

I'm not sure we'd go so far as to cancel our cards, but we'd definitely check our balance online and pay before the closing date.

Can you share which bank, or which card is doing this? I remember reading long ago that Discover had an odd policy about when they started charging interest.

[Buckeyeblue]

7. That sounds like a regz violation. Who is the issuer?

I want to read their disclosures. They have to post them online.

[Irish_Dem]

11. Trump has given all companies the green light to screw us.

All of our protections are gone.

[Cirsium]

47. I think that is true

I think that is true and people are very slow to realize it.

[Irish_Dem]

69. Most people in the US seem very slow on the uptake.

[Cirsium]

70. Poor information

..

[Irish_Dem]

71. There is a lot of information out there.

They choose to ignore it, or believe nonsense.

[Cirsium]

80. Maybe

I think it is a little more complicated than that. I don't claim to fully understand it. They seem to be living in an alternate reality.

[Irish_Dem]

84. Yes of course it is more complicated than that.

But the bottom line is that there is information to make good decisions,
but the MAGAs refuse to do so for a number of reasons.

[Midnight Writer]

12. Might call the Bureau for Consumer Protection. Ooops! Never mind. President Trump has took it away.

[deRien]

13. Try finding a

a credit union. They have fewer fees and are more customer friendly. They basically have all the same services as the large banks but don't gouge you for every transaction, etc.

[dalton99a]

14. Kick

[Happy Hoosier]

15. Name and shame...

Let us know what compabny it was so that folks with the same cmpany are warned.

I would NEVER use a card with that policy.... checking my user agreements now.

FWIW, I always pay off the entire balance at the closing date the vast majority of the time.

Also, don;t be too hard on the CS rep... they had nothing to do with the decision.

[sweetapogee]

17. we have been

totally debt free for 4 years, no credit card usage or debt for 6 years. 6 years ago, interest was 14-15% we thought that was high, now of course it is higher. My partner and I keep a cash buffer for emergencies. There is nothing we need to buy so bad that we need to pay interest or bank fees for, and we couldn't give two craps about reward points. News flash: the banks are not your friends. We had an enormous amount of credit card debt and finally got so sick of it that we stopped using them and paid them off best decision ever, life is so much better without the stress of debt. Some lessons are learned the hard way, and we learned that lesson in a very painful manor. If everyone stopped using them, the interest rates would come way down, and the fees would disappear. But we are headed in the opposite direction so I doubt that will happen anytime soon.

[defacto7]

23. Been there. Done that. 20 years now.

I've never regretted it.

[EdmondDantes_]

18. That's not a new thing overall

It isn't something Trump enabled. Link below is dated 2023. I'm not sure why your credit company enabled it now, but there was nothing stopping them from doing it before.

https://www.creditkarma.com/credit-cards/i/residual-interest

[Cirsium]

48. I don't see it

Can you cite where that article says that interest can start accruing before the due date (other than on a previous outstanding balance of course.)

[EdmondDantes_]

62. It's in the "In a Nutshell"

Residual interest is the interest that can sometimes build when you’re carrying a balance without a grace period. Unless you pay your full balance on or before the exact statement closing date, residual interest can be charged for the days that pass between that date and the date your payment is actually received.

Or here:

https://www.brightmoney.co/learn/why-am-i-charged-interest-after-paying-off-a-credit-card

Here's where it can get confusing: even if you pay to your credit card before the end of the billing cycle, the interest calculation doesn't stop immediately. The interest charges for the current cycle are based on the average daily balance throughout that cycle. So, if you've been carrying a balance for a few weeks and then make a payment, you're still on the hook for the interest that accrued during those weeks.

[Cirsium]

63. Sure

Interest keeps accruing on any outstanding balance. The OP was charged interest after paying in full and despite having no outstanding balance.

[W_HAMILTON]

68. It is new, if the OP has been paying off their balance in full each month like they claimed.

Even your link says that no interest should be charged on new purchases if you pay your balance off in full each month:

First thing’s first: Paying off your statement balance, in full, by the due date is the No. 1 rule for avoiding interest. If you started the cycle with a zero balance, your statement balance is made up of all the new purchases you made during that month’s billing cycle. If you pay that balance in full by the due date (assuming your card has a grace period), you’re in the clear when it comes to interest on those purchases.

[EdmondDantes_]

77. Did you read what you cited? Specifically the part in ()

What seems to have happened is that the card issue has decided to eliminate the grace period. Obviously without seeing their account/letter I can't say that for certain, but it's been available to credit card companies for as long as I know. Just because it was uncommon, doesn't mean it wasn't an option. It could be there now because the poster doesn't carry a balance (ie not profitable enough), it could be a wider change, or something else.

It might be new to the poster's card, but it's not new. I remember not understanding it years ago when I paid off a card and the next month got a bill for something like $1.29 of interest even though I had paid the total amount. The grace period between the end of the billing cycle and when your payment is due is only generally followed. Unfortunately our "agreements" with credit card companies are very one sided (so is pretty much any terms and conditions agreement) and so they can basically change the terms as they see fit.

From the CFPB in 2024 that demonstrates that the grace period is not required.

A grace period is the period between the end of a billing cycle and the date your payment is due.

During this time, you may not be charged interest as long as you pay your balance in full by the due date. Credit card companies are not required to give a grace period. However, most credit cards provide a grace period on purchases.

https://www.consumerfinance.gov/ask-cfpb/what-is-a-grace-period-for-a-credit-card-en-47/

[Mike 03]

97. I do the same as the OP and have never yet seen these fees on my bills

My cards are Citi Mastercard and Chase Visa.

Can anybody tell us which banks are affected. My new bills haven't come yet but are due shortly.

[Joinfortmill]

19. Thanks for this

[PoindexterOglethorpe]

20. This is not new.

I cancelled a Master Card some twenty years ago for that exact same thing: charging me interest even before I got the bill.

There's not just one credit card out there.

[Mike 03]

98. I don't know if it's new or not, but I have never seen such fees on my bills ever

so clearly some banks and card issuers refuse to implement such absurd fees against customers who pay their bills off every month in full.

I think this would have been fairly big news if it was widespread.

[PoindexterOglethorpe]

103. Because most people maintain a balance,

most people probably don't notice when that happen, which I certainly did. So if the balance is three dollars more, or even fifty dollars more because of that immediate interest, I suspect a lot of people would never notice.

[DFW]

21. I hate credit cards, but keep one for US charges and one for the EU

I made sure that both are paid out automatically out of accounts in the corresponding countries, and the first cent of interest charged would occur during the last week that my account existed.

[yardwork]

51. Same here.

Definitely not ok.

[Chicagogrl1]

22. It would be helpful

If we could get a list of credit card company/banks that are implementing this policy. Can anyone start listing the companies doing this?

[OldBaldy1701E]

25. To make things easier...

Assume that they are all doing it. Try to find the ones that are specific about not doing it. (Good luck with that. They hate it when we know what their contracts say.)

Because, they all will be doing it the second they see these first corporations getting away with it.

[Cirsium]

49. White list

I agree. A "white list" approach is superior to a black list" approach on almost everything. It is hard to keep track of all of the bad actors on a black list, especially with all of the lying they do. We take a "guilty until proven innocent" approach with corporations at all times.

[IronLionZion]

24. The MAGA solution is to cut regulations and fire the regulators

Are you excited for America becoming great again like back in the robber baron days?

[markodochartaigh]

46. I think that Trump wants to take the

US back to 1775. When the US was under a king, and coincidentally, a king with psychiatric problems.

[Cirsium]

50. "Slow the testing down, please"

Trump's response to soaring COVID rates was to call for less testing. Viola! No testing, no cases!

You know, testing is a double-edged sword. We've tested now 25 million people. It's probably 20 million people more than anybody else. Germany's done a lot. South Korea's done a lot. They call me, they say the job you're doing. Here's the bad part, when you test the, when you do testing to that extent, you're going to find more people, you're going to find more cases.

So I said to my people, 'slow the testing down please!' They test and they test. We had tests, the people don't know what's going on. We got tests. We got another one over here. The young man's 10 years old. He's got the sniffles. He'll recover in about 15 minutes. That's a case. Add him too, that's a case.

And the crowed roared.

[bromeando]

26. Credit card

Thanks for the info. I would definitely have canceled that card.

[surfered]

27. Thanks for the heads up. We'll check ours.

[yaesu]

28. Like I've post before we are living in a lawless society where rapist's and cons

Go unpunished, that will have a trickle up effect when we the people ignore the laws also. Crime of all kinds will skyrocket, gated neighborhoods, banks, the Uber rich will be spending all their fascist gains just on enhanced security.

[bucolic_frolic]

29. Thanks for the heads up

Haven't encountered that yet but do notice my billing cycle is 31 days and the payment is due in 25 days. Hmmmm.

Banks do understand CFPB is all but gone.

[Farmer-Rick]

30. I hope it wasn't Navy Federal Credit Union

Since you obviously have Navy experience, you might be a member.

I'll have to check out my terms. I recently was surprised to see a small charge on a card I thought I had paid off in full. But it may have been due to someone having stolen my card and getting issued a new one.

[BComplex]

31. Hey, maxrandb! WHICH BANK WAS IT THAT HAD THIS CREDIT CARD??????

A bunch of us would appreciate knowing!

[maxrandb]

36. Reluctant to share

Eloon and the Incels already have my personal and financial data, so forgive me for not sharing more.

Point is, just make sure you check that your credit cards haven't updated terms to start using something called "residual interest".

I had never heard of it before, but apparently it is a thing. None of my other cards have changed the terms, but I urge people to be aware.

BTW: "Eloon and the Incels" would be a great name for a rock band, but as a fake "gubmint" agency, it sucks balls.

[BComplex]

45. Got it.

[Dark n Stormy Knight]

67. Way too many customers for it to be personally IDing

info. I assume you meant your post to be helpful, but leaving out the bank name makes it infinitely less so.

[OrangeJoe]

76. Giving up too soon

Giving in to these clowns is exactly what they want. First off I highly doubt Elon and “Bigballs” are going to read this and take the time to figure out your identity. Second what can they actually do to you? Fuck ‘em I say. Come at me Elon and your incel zit popping army!

[Buckeyeblue]

89. Whatever. I'm doubtful of your story.

I think either you're trying to get people worked up with a made up story. Or you made a mistake and either missed your due date or didn't quite payoff your balance in full. Maybe you misread your statement. Either of those scenarios would caused an interest charge.

On the highly unlikely chance that the card issuer actually changed their agreement to start charging interest immediately, they would have had to give you at least 45 days notice.

[cadoman]

81. checked Capital One Savor One and did not notice any such charges

Maybe we can do process of elimination and find it?

I don't have many cards so that's all I can help with unfortunately.

[KY_EnviroGuy]

32. Let's hope other creditors such as utilities don't start doing that crap.

If so, we might actually see a true consumer trade war.

I'm getting screwed bad enough by TFG's USPS (from 2016) which has delayed my bills getting here promptly, and a few times costing me late fees.

KY......

[Lonely in Oklahoma]

79. Some utilities gave already stated

I unfortunately live in a red state (trying to sell and get to Colorado). My town owns the utilities (Electric, Water and Trash Collections). They want you to use electronic (paperless) billing. If you go online and make a payment the have a "Processing fee" $1.50 and an additional 2% of what ever you total bill is. Which can add up to alot of money.
So, I take them a paper check once a month. Luckily I'm retired and have the time to do this. That way I pay only what is due. No more.

[KS Toronado]

85. Welcome to DU !

[LetMyPeopleVote]

93. Welcome to DU

[AverageOldGuy]

33. Noticed the same thing

Cancelling all credit cards today. Cash, check, or debit card only. I discovered that a lot of small and medium businesses give a 3% discount for cash or check to avoid card charges.

It’s a pain to carry around cash and to go to bank and cash a check to avoid ATM charges but we r lucky — retired, no travel, only basic expenses.

[Linda ladeewolf]

37. I cancelled all my cards years ago!

There are many times I spend more than I should, but not on credit cards, I pay as I go. It’s hard sometimes, but we don’t have to pay interest. We drive an older car, but no payments. When you don’t have a lot of money you can’t waste it on interest. Those dollars add up.

[Norrrm]

38. 1+

[julmur]

39. Irish dem

I was recently charged a “late fee” on a recently opened card because I paid the full balance BEFORE the due date. When I called to question the charge I was told because I paid outside of the billing cycle date, they considered it late, I very politely told them that was ridiculous & that I expected the charge to be waived, which they grudgingly agreed to. The account was with Synchrony Bank & is now closed.

[piddyprints]

64. They are the worst in so many ways!

I bought an entire kitchen's worth of appliances several years ago, got 10% off, and paid it off before it accrued any interest. Didn't use the card until my washing machine broke a few years later. When I tried to use it, I found out that they had lowered my credit limit without telling me. I didn't even have enough to buy a washing machine. So I cancelled that card and cut it up. Never again.

[Deuxcents]

78. Yes, they are the worse. A couple of years ago, I was at a big box store returning a purchase

And the cashier asked if I wanted their credit card..just out of curiosity, I asked her what the interest rate was n she said she didn’t know but they could tell me and she hit “yes” to the credit card. The next thing I knew, I get a bill from master card with a 100$ charged on it for membership at the store. I didn’t ask for either n never called to activate the card but it took me months of getting the run around and stress to finally get out of it..I ended up paying the fee just to close it out. I also learned my credit score had taken a hit so..don’t cancel your credit cards..just don’t use them because cancel will give your credit score a big hit and Synchrony Bank is not just credit cards so beware.

[Give Peace A Chance]

40. You've got to watch EVERYBODY!

It is more important than ever before.

[FakeNoose]

41. If we pay our credit card off in full every month, the banks consider us "freeloaders"

They hate the fact that they can't charge "interest" when our payments get made on time.

It doesn't surprise me at all that they've finally figured out how to charge us for the "free service." And I believe most credit card users won't even notice, when we pay the balance. I didn't notice, until you pointed it out.

Over 30 years ago (can't remember exactly when) my bank started charging $.17 fees every time I wrote a check, but using my debit card was free. Guess what? I started using my debit card for just about everything except small cash purchases. That's how the banks changed Americans' buying behavior.

By now they can pretty much do whatever they want. A small number of depositors will switch to a different bank, but everyone else will just shell out the fees.

[drmeow]

61. It isn't even a "free" service

The credit card companies charge between a 1 and 3% fee to the merchant on every transaction. Even if EVERYONE paid in full every month, the banks would make money.

[Shermann]

73. Yes, I believe the banks still make money on "freeloaders".

I tie up their money with my purchases and pay off the balance in full every month. On top of that, I get cash back rewards. Still, like you said, they get those merchant fees. So, they aren't making stupid money off of me, but apparently enough to want to keep me as a customer.

So, I'd ditch whatever bank this is.

[drmeow]

75. Exactly - even when we pay in full each month

it is still powerful to cancel or stop using their cards!

[Johnny2X2X]

42. Effective interest rate

Banks should be required to list the effective and only the effective interest rate, nominal is useless to consumers. People don't understand that credit cards compound interest daily, 365 days a year (some do it just 360 days). So people with 19.99% interest rates are really paying 28% interest rates.

It's a huge difference. And with low minimum payments people literally 3 or 4 times the cost of something if they use a credit card. Run up $5K on a card and you'll pay them back $15K if making the minimum payments.

And that's what needs to be in the mind of a shopper when they use a card. "OK, this is a great deal on a pair of boots I want, 50% off, so I should buy them...but if I use a card I will literallt pay 150% of the regular price..."

I used a credit card for my dog's chemo therapy and surgeries, I had no choice at the time. Took forever to pay them off. I don't use them at all, I do my best now to have enough savings to cover any emergency. Some people use them and pay them off each month for rewards and cash back, I just don't think I have the discipline to do that.

[LexVegas]

43. Get an American Express charge card. nt

[Figarosmom]

44. Capital One charged me interest on a credit

From an item I returned. I called was told yeah even if it's a credit they charge interest, that I should read the new terms. Canceled the card right then and there.

[Evolve Dammit]

54. Switch to a local credit union. No annual fee and most I've ever seen is 9.9% (Bad enough, but nothing like big corps.)

[planetc]

55. In the old days, like the 1970s, you called a plumber, they came out to your house, ...

fixed the faucet or whatever, and a few days later, a bill for their services arrived by mail. The terms were: 30 days. Period. If you took longer than that, an interest charge might be added. People were assumed to be credit worthy until they proved they weren't.

So, by contrast, I called a plumber last year, and described the problem, and answered all the questions while the lady on the phone located my house on Google, and I understood what the charge for getting the truck to the house would be, and what the hourly rate would be and how much of the charge for the first hour could be reduced if they finished in 20 minutes. I understood all of that, but then the lady asked me for a credit card number before making an actual appointment. It was at this point I bailed out, cancelled the request for service, and went on my merry way. I do understand that average people don't pay legitimate bills, and, because they're not the 47th blunder, will have their bill sent to a collection agency. But it was an insult to me personally to imply I wouldn't hand the plumber a good check on their way out the door.

I also found out recently that my credit rating is good, but not stellar. The reason for that may be that I don't have any major outstanding debts: no mortgage or car loan, and I pay cards immediately. So credit agencies have nothing to track me by--I have disappeared from their screens.

So credit card companies and banks should be making enough money from the fees they charge businesses their cardholders use. And if banks can't manage their business without charging their cardholders interest before there's any reason to charge them, then they deserve to go out of business. If we all vote with our feet, banks will get the idea, and try to get our business back again before they themselves go out of business. We should be active players in this vicious economy.

[2naSalit]

56. That's why I...

Am a credit union member.

[usaf-vet]

57. This appears to be true. A little research delivered this.

As of February 2025, there have been reports of credit card companies modifying their interest accrual policies, specifically starting to charge interest from the statement closing date rather than the payment due date, even for customers who traditionally pay their balances in full. This change effectively reduces or eliminates the grace period that previously allowed interest-free periods between the statement closing and payment due dates.
While specific companies implementing this policy change have not been widely disclosed, it's essential for consumers to stay vigilant. To protect yourself:

Review Your Credit Card Agreements: Regularly examine the terms and conditions of your credit cards to identify any changes in interest accrual policies.

Monitor Communications from Issuers: Pay close attention to any notices, emails, or letters from your credit card companies regarding updates to their policies.

Contact Customer Service: If you're uncertain about how interest is being applied to your account, reach out directly to your card issuer for clarification.

By staying informed and proactive, you can better manage your finances and avoid unexpected interest charges.

Then there is this follow-up:

Here is an interesting change I have noticed. We have two credit cards. We pay the bills in full, usually days ahead. However, until recently, the money went directly from our bank to their bank electronically. One of our credit cards (LP) has had internal issues. Their initial problem was that they were hacked. So, we decided to cancel the card entirely and replace it with a Chaxx (Amazon) card. When we tried to find a direct bank-to-bank payment method, we were told by our bank they no longer supported that and would cut the check and mail it, but no electronic transfer. Our credit rating is 700+. This appears to be a scam in the making. USPS is not dependable for on-time delivery, so our plan is to probably cancel the new Chaxx card, but the real question is, are the banks colluding to earn money from us because the mail is late?
Reply
It certainly sounds suspicious, and your experience raises a valid concern. The shift away from direct bank-to-bank electronic transfers in favor of mailed checks could be a deliberate policy change aimed at generating late fees or even interest charges if payments are delayed. Here are a few key factors to consider:
1. Banks and Credit Card Companies Benefit from Late Payments
Many banks and credit card issuers make significant revenue from late fees and interest charges, particularly when grace periods are reduced or eliminated. If payments are delayed due to mail delivery, even responsible cardholders can be hit with unexpected fees.

2. Potential Industry-Wide Trends
Some banks have been making subtle policy changes that make it harder for consumers to avoid fees. Eliminating electronic transfers under the guise of “security” or “policy updates” could be a way to ensure that more payments arrive late.
If multiple banks are adopting similar policies, it could suggest a broader, industry-wide strategy rather than an isolated incident.

3. USPS Delivery Delays
The USPS has faced reliability issues in recent years, making mailed check payments more vulnerable to delays.
Banks likely know this and could be using it to their advantage, especially if their systems are programmed to immediately penalize late payments.

4. Potential Workarounds
Online Bill Pay via Chaxx: Have you checked if Chaxx allows an online pull from their side instead of relying on your bank’s bill pay?
Third-Party Payment Services: Some banks allow payments via third-party services like Plaid or Zelle, which may still provide electronic transfers.
Changing Banks: If your bank is the one refusing electronic transfers, switching to a different financial institution that supports ACH transfers could be an option.
Paying Early: While not ideal, scheduling payments earlier than usual might help avoid late fees due to mail delays.

5. Is This Collusion?
If multiple banks are implementing this same practice, it could be a coordinated effort to increase revenue through forced delays.While it’s difficult to prove collusion without direct evidence, this change certainly raises ethical concerns about whether financial institutions are prioritizing their profits over consumer convenience and financial fairness.

Your Best Course of Action:

Reach out to Chaxx’s customer service and demand clarification on why electronic transfers are not supported. If they push back, this may confirm your suspicion that it’s a systemic issue.
Monitor for similar patterns with other credit cards. If this change is happening across multiple banks, it’s likely a deliberate policy shift rather than an isolated technical issue.
File a complaint with the CFPB (Consumer Financial Protection Bureau). [Does it still exist?] If you suspect banks are eliminating electronic payments to force mailed payments and increase late fees, a complaint could prompt an investigation.

It’s worth keeping a close eye on this, as it may indicate a larger shift in how banks process payments. Would you like me to research whether other consumers are experiencing the same issue with Chaxx or other major banks?

Who ranking Democrat on the banking committees?

[Buckeyeblue]

90. This doesn't list specific issuers who have changed their terms and conditions

If we are going to have a discussion about this we need to be specific.

Also, the issue with Bill pay is nothing new. If the bill pay company doesn't have an ACH option with the company you are trying to pay, they cut a check and mail it.

[usaf-vet]

92. The companies aren't waving flags and saying hey, look at me. I'm going to steal an extra dollar or two each month.

[Buckeyeblue]

96. Federally regulated financial institutions must provide at least 21 days of grace period

This is applicable to purchases on credit cards. My overall point is that without having specific issuers identities, it makes me think the people making these claims don't know what they are talking about. Or they are making it up.

[Mike 03]

99. I agree. What is the problem with naming the issuers? There are only so

many banks and card types--tens of millions could be affected.

Is "Chaxx"= Chase? Or is there really an issuer named Chaxx?

This is ridiculous.

[peacebuzzard]

58. This is useful.

I am going to check for it closely now. I use my cc for all purchases and just pay the bill mostly in full on the due date because I do not want to pay interest.
But if the bank cards are now going to accumulate interest prior to the due date this demands a closer look.
I certainly do not doubt one bit that this is now happening. The tyrant wants revenge on everyone rich, poor, powerful, weak, and so on. He won't be happy until everyone is unhappy.

[Exp]

59. Welcome to Trump's world order. nt

[Dark n Stormy Knight]

66. Which credit card company is this?

You will not be revealing personal info by identifying a bank/cc company with millions of customers.

[BidenRocks]

72. Why deal with a bank?

Join a Credit Union and enjoy banking again.

[GoodRaisin]

82. That's a real dumb policy. They will lose customers in the millions for

a one time cash flow. If my card company tries that shit I will cancel on the spot and find a different way for paying my bills. Thanks for the heads up.

[jgo]

83. Reference - fyi

"
Residual Interest: What it is, How it Works, Example

Example of Residual Interest
Generally, a borrower may not receive their statement until at least one or two days after the closing date, and it may take them another four to five days to pay off the quoted outstanding balance. This can leave approximately a week of daily accruing interest on their credit balance—or the residual interest. Thus, a credit account customer may pay off their balance but still be charged a small interest charge on their next statement due to the daily interest accrual up to the time when their payment was made.
"
https://www.investopedia.com/terms/r/residualinterest.asp

[wishstar]

87. Most credit cards only charge residual interest if charge is for cash rather than purchases

I have never used credit cards to get cash, just for merchandise and services provided. I just read through my Visa card details again where it specifically says no interest will be charged between the closing date and payment due date EXCEPT for if cash was borrowed.

[sweetapogee]

91. when

when we were on our multi-year mission to pay off all of our debt we started with our credit cards we had 6 of them. I found out that when you get your monthly statement and you pay off the "balance" amount and think the balance is zero, you get a surprise the following month because they add of some interest one or two dollars and you owe that amount. So, what we did was overpay the balance amount by $5.00 and a few months later they sent us a paper check for approx. $3.50 that gave us a true zero balance. I think it has more to do with keeping you interested in using the card than trying to pry a few bucks out of you, but that is just my opinion. So when people I know brag about credit card reward points and 18 months free interest on balance transfers I go make the mental note to myself as a reminder, the banks are not our friends. I personally don't give a crap about rewards or no-interest introductory rates, rather we simply do not use credit cards and avoid dealing with the fees.

One thing to note if you call the credit card bank and ask them to close out your account your credit score will take a hit. Instead, just pay off the balance and stop using the card, eventually the bank will close out the account and it will have less of an impact (but still some) on your credit score. It took 4 years of inactivity for my Apple (Goldman Sachs) MC card to self-close out.

[Aussie105]

86. They pay me.

Visa debit, credit union.

[claudette]

101. Debit cards scare me

If the number is stolen you can lose all your money if the bank doesn’t repay you after the fraud. It happened to my cousin. She eventually got the money back from the Bank but she did without a balance in her account for a long time. I have one credit card. No need for more

[rampartd]

88. i really hate the charge for mailing a paoer bill

but i am not using my telephone or computer to pay a bill.

i was worried that musk would require us to deposit our social security in his twitter ap, but i suppose i should be glad IF he allows me to collect ss at all

[Lulu KC]

94. Thanks for the heads up

That is absurd.

[Mike 03]

95. Wow. I will definitely check my upcoming bills. Like you, for decades I've

paid my credit card bills in full on time--like my father taught me.

I wish you'd told us which card it is. My cards are Citi and Chase (Mastercard and Visa, respectively).

In the short term, I'll probably use Paypal where possible.

I've been making some changes in what I buy and where I buy it, cutting way down on discretionary spending and weaning myself off of Amazon Prime by buying products elsewhere, even when it costs more.

Maybe together we can come up with some strategies and alternatives.

Sorry I didn't see this discussion closer to when it was posted--but damned glad I saw it before my next bill arrives.

Really exasperating. Everything is going up in price.

[Mike 03]

100. I admit I'm often dense and slow to understand something...

Could someone PLEASE explain to me why the OP is afraid to name the issuer of this credit card? What is the OP afraid will happen? Because there might be something obvious to fear that I am missing.

Has anyone looked at your bills and figured out which cards have implemented this new policy.

The second I get my next bills I will check them and if there is anything to report I will report it here.



EDIT: In no way am I questioning the veracity of the OP. This is a great DUer who I know is honestly sharing their experience. Just trying to understand the purported risk/danger of revealing the card's issuer--unless perhaps it is a small outlier, a fringe issuer.

[ecstatic]

104. wtf? Going to check this out now

I do all my spending on rewards credit cards and pay the statement balance. About to see if I've been scammed as well.