Re Loyalty cards again

							                                            Re: Loyalty cards again

Re: Loyalty cards again

Source: http://newsgroups.derkeiler.com/Archive/Rec/rec.arts.sf.fandom/2008−03/msg00523.html



      • From: prd@xxxxxxxxxxxxxxxxxxxx (Paul Dormer)
      • Date: Mon, 10 Mar 2008 15:42 +0000 (GMT Standard Time)

In article <JxIsEJ.L83@xxxxxxxxxxx>, djheydt@xxxxxxxxxxx (Dorothy J
Heydt) wrote:


                 Incidentally, there was a story in the press here a few weeks ago
                 about a credit company announcing that they'd terminated a large
                 number of cards for people they thought were a poor financial
                 risk. There were other stories going around that this didn't mean
                 people with huge credit card debt, but people who paid off the
                 card every month, and therefore were paying no interest.


        And I repeat, what kind of card are they using? Mine charges
        interest on everything that's charged to it, from the time it's
        put on to the time it's paid off, prorated daily.


Well, as Jette said in another post, it seems to be standard for UK
credit cards that interest isn't accrued for 30 days after the purchase,
so if you pay your card in full each month, you never get charged
interest.

Actually, it can't be 30 days, as what with some months having 31 days,
and sometimes the statement date being a day later than usual as it
isn't sent out on a Sunday. All I can say is if you pay the full
amount at the bottom of the statement each month, then you normally
don't get charged interest.

I think there are two exceptions. If you use the card to get cash from
a bank or in an ATM, then you will be charged interest immediately.
And I recall that if you do get charged interest one month, then the
next month you'll get charged interest on the interest, as it were, but
not the month after that.

I have two credit cards, both Mastercards, one with HSBC, one with
&More (Marks and Spencer), and I can't remember the last time I paid
interest. Don't even have a category set up for it in MSMoney.
.



Re: Loyalty cards again                                                                        1