Question
I have the UA Chase Platinum card and just received the following change of terms.
"In calculating finance charges, the date when your transactions are added to your daily balance and begin to acrue periodic finance charges will be as early as the transaction date"
A page of fine print and in several statements they refer to transactions and cash advances and balance transfers incurring finance charges from the date of transaction. It doesn't specify anywhere that new purchases still have a grace period. There is no definition of "new transcactions".
Did anyone else get this?
I can't believe they are going to get rid of the grace period for new purchases, but the wording seems to state that.
Answer
I got the revised policy too. Didn't read it all the way through. I'm sure what you're suggesting is not the case. I bet you can call chase to confirm such in <10 min.
Answer
I emailed them and they advised that if you pay the balance off "in full" every month, there is no finance charge.
If your bill is $1000 and you pay $995 of the balance, you will still pay interest on the entire $1000 (averaged out through the month).
This probably isn't much different from most of the other credit cards.
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Oh yes it is worse than other cards. If you pay off 995 you should only pay interest on the 5 dollar.s
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Oh yes it is worse than other cards. If you pay off 995 you should only pay interest on the 5 dollar.s
no it's no different than other cards. almost all credit cards work like this. read the t&c of your other cards.
Answer
I received an insert in my bill entitled "IMPORTANT NOTICE OF CHANGE IN TERMS." At the bottom of the insert is a paragraph entitled GRACE PERIOD which reads: The "Grace Period" or "Grace period and Accrual of Finance Charges" section of your agreement is amended to replace the sentence that describes when periodic finance charges begin to accrue on transactions, fees and other finances charges. The revised sentence is as follows:
We accrue periodic finance charges on a transaction, fee, or finance charge from the date it is added to your daily balance until payment in full is received on your account."
END of quotes.
The way that I interpret this is that there is no longer a grace period.