No. of Recommendations: 0
<<Be aware though that some cards are lowering the grace periods on their cards or eliminating them outright. So even in Tony's case, you still would be paying intrest on a charge the day its posted, regardless of wether you pay your card monthly.>>

Rob is absolutely right! I posted about this quite a while back. There are indeed cards which begin posting interest from the date of purchase, making the card in essense a true loan, and not a typical credit card.

I believe that the inception of this type of card originally came with the hopes that this would be the way cards would be doing business in general, but fortunately it hasn't caught on in a big way. And thank goodness for that. Fools need to always be aware of all the details involved with a credit card offer, especially the ones involving this type of scam.

If the day ever comes when all credit cards begin posting interest from the date of purchase, you can be sure our message will be one that says avoid them at all costs. Until then, however, I believe that Fools should pay their bills in full, and use the banks money for free for a month.

Tony
...but I still am...

Off2Aruba

Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement