Comments on: Credit Card Grace Period http://www.consumerismcommentary.com/2005/09/08/credit-card-grace-period/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Kenneth http://www.consumerismcommentary.com/2005/09/08/credit-card-grace-period/#comment-861 Kenneth Tue, 20 Sep 2005 20:40:08 +0000 http://wp.consumerismcommentary.com/?p=486#comment-861 FYI, if you use your ING Direct account to pay your credit cards, be sure you don't make more than 6 withdrawals per statement cycle. I think this is a standard limitation on any savings accounts. FYI, if you use your ING Direct account to pay your credit cards, be sure you don’t make more than 6 withdrawals per statement cycle. I think this is a standard limitation on any savings accounts.

]]> By: Flexo http://www.consumerismcommentary.com/2005/09/08/credit-card-grace-period/#comment-860 Flexo Tue, 20 Sep 2005 20:39:26 +0000 http://wp.consumerismcommentary.com/?p=486#comment-860 Jay, That's a great idea! Armed with the ING Direct routing number, I can link the account to my credit card. Excellent. Jay,

That’s a great idea! Armed with the ING Direct routing number, I can link the account to my credit card. Excellent.

]]> By: Jay http://www.consumerismcommentary.com/2005/09/08/credit-card-grace-period/#comment-859 Jay Tue, 20 Sep 2005 20:38:44 +0000 http://wp.consumerismcommentary.com/?p=486#comment-859 Hi flexo, I have the same card as you and do the same thing. Only difference, I pay my credit card directly from my ING Direct account and I don't have to worry about transferring it to checking first. I recommend this method vs. what you are doing. Hi flexo, I have the same card as you and do the same thing. Only difference, I pay my credit card directly from my ING Direct account and I don’t have to worry about transferring it to checking first. I recommend this method vs. what you are doing.

]]> By: Old Niu http://www.consumerismcommentary.com/2005/09/08/credit-card-grace-period/#comment-858 Old Niu Tue, 13 Sep 2005 15:32:50 +0000 http://wp.consumerismcommentary.com/?p=486#comment-858 Flexo, sorry I posted this comment on your "intro" page be mistake. You may want to edit it out. The grace period is one of my favorite features on my credit card (the other one is the rewards), it means I can’t spend money and pay it 20-50 days later while my money is sitting in my own account earning interests (as long as one doesn’t carry a balance). Unfortunately, this also means that banks don’t like this feature, because this cost them money. So one of the ways they accelerate people’s payment is put an earlier “pay byâ€Â? date on the statement, as Flexo experienced on his Citibank card. Two ways to deal with this, one is to just call them and ask them to change it back to 25 days. I tried this on my own Citi card and they changed immediately. The other way is actually ignore it. If you read the fine prints of your credit card, chances are your grace period is still 25 days. They just print the “pay by this dateâ€Â? at an earlier date (say, 20 days after your statement date) to get you to pay sooner. As long as you pay before the actual due date, you won’t get late fee or finance charges. If you are not comfortable with the second approach or can’t find your card agreement, just call them. Flexo, sorry I posted this comment on your “intro” page be mistake. You may want to edit it out.

The grace period is one of my favorite features on my credit card (the other one is the rewards), it means I can’t spend money and pay it 20-50 days later while my money is sitting in my own account earning interests (as long as one doesn’t carry a balance). Unfortunately, this also means that banks don’t like this feature, because this cost them money. So one of the ways they accelerate people’s payment is put an earlier “pay by� date on the statement, as Flexo experienced on his Citibank card.

Two ways to deal with this, one is to just call them and ask them to change it back to 25 days. I tried this on my own Citi card and they changed immediately. The other way is actually ignore it. If you read the fine prints of your credit card, chances are your grace period is still 25 days. They just print the “pay by this date� at an earlier date (say, 20 days after your statement date) to get you to pay sooner. As long as you pay before the actual due date, you won’t get late fee or finance charges. If you are not comfortable with the second approach or can’t find your card agreement, just call them.

]]> By: Flexo http://www.consumerismcommentary.com/2005/09/08/credit-card-grace-period/#comment-857 Flexo Mon, 12 Sep 2005 20:59:29 +0000 http://wp.consumerismcommentary.com/?p=486#comment-857 Also, watch out for credit card companies <a href="http://moneycentral.msn.com/content/Banking/P126465.asp#msnhp" rel="nofollow">eliminating the grace period altogether</a>. This is how they stand to make money off of those of us who pay our entrie balances off every month. Also, watch out for credit card companies eliminating the grace period altogether. This is how they stand to make money off of those of us who pay our entrie balances off every month.

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