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    Thursday, July 3, 2008

    No more 20-days interest-free period for credit card users

    Banks to remove the 20-day interest-free period for new retail transactions for credit card holders who settle a partial or minimum payment of their outstanding amount. Does it affected you? What benefits for those who settle the full amount on time (lol, so glad that I am one of them)?
    After July, only those who make full payments before the due date will be entitled to the interest-free days. For those who make only partial or minimum payment will be charged interest on the day the new purchases are posted to the card's account.
    Those who use their card for convenience or to earn points are advised to pay close attention to the outstanding amount, if you continue to pay in full diligently, you will not be affected. But for those who intent to pay in round numbers or pay the wrong amount will be severely impacted if he makes a big purchase on his card, as he will be charged interest on this purchase from the date of the transaction.
    Good Luck!