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.

...but I still am...


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