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.