Grace Periods

[Anonymous]

Are there some cards that don't have grace periods for payments due? Most cards have a 25 day grace period but I don't see a word about grace periods on this new Hooters card.

[Anonymous]

---

beenthere wrote:

Are there some cards that don't have grace periods for payments due? Most cards have a 25 day grace period but I don't see a word about grace periods on this new Hooters card.

---

I can't speak for Hooters, but yes, I have seen sub-sub-subprime cards that offer no grace period, i.e., interest begins accruing on each purhase immediately, regardless of whether you PIF.

I really doubt Hooters is one of those cards, though.

[Dawn]

---

beenthere wrote:

Are there some cards that don't have grace periods for payments due? Most cards have a 25 day grace period but I don't see a word about grace periods on this new Hooters card.

---

If this is the same card, the detail you are looking for is in the "terms and conditions" (link found on the first page of the online application.)  This shows a 25 day grace period.

https://hooterscard.merrickbank.com/terms.aspx

Message Edited by denbar2003 on 02-06-2008 08:21 AM

[llecs]

---

cheddar wrote:

.........I have seen sub-sub-subprime cards that offer no grace period, i.e., interest begins accruing on each purhase immediately, regardless of whether you PIF.

---

What?! Holy cow! It's not the new Visa backed by the mob, is it? (If you are in the mob, I hear its a great service organization).

[Anonymous]

---

llecs wrote:

---

cheddar wrote:

.........I have seen sub-sub-subprime cards that offer no grace period, i.e., interest begins accruing on each purhase immediately, regardless of whether you PIF.

---

What?! Holy cow! It's not the new Visa backed by the mob, is it? (If you are in the mob, I hear its a great service organization).

---

Ha!  No, it's not that one.

I don't even remember what card or CCC it was, but it was part of an offer I got several years ago when my credit was in the trashcan and I was clueless and making it worse every day.

Even though I was clueless, that didn't seem right to me, so I didn't take it.

[llecs]

Hopefully no other CCC sub-sub-prime or otherwise catches onto that...would hate to see a trend involving that.

[Anonymous]

---

llecs wrote:

Hopefully no other CCC sub-sub-prime or otherwise catches onto that...would hate to see a trend involving that.

---

You know, the more I think about it, I don't think it was a major card (Visa/MC).  I seem to remember it being one of those merchandise cards where they say "Hey, we'll give you a credit account that you can use to buy overpriced crap from our catalog, and we'll report your payment history to our own internal credit bureau, so if you ever want any other lender to see your report, just have them write to us!  Oh, by the way, no grace period."

...because it's so easy to convince BofA to write to First Credit Premier One Tribute Crappy Merchandise Company to get your CR from them.

[Anonymous]

Applied Bank(formerly Cross Country Bank) cards do not have grace periods. None, zero, zilch.

Interest starts accruing the day you charge something on it.

A good card to stay away from.

On another note, I've noticed over the past month, that some of the cards we have, have sent amendments to the T&C's dropping the grace period down to 20 days. BoA I THINK it was, but can't be sure.

May be a growing trend, sadly to say.

[Anonymous]

Just another example of the economy striking yet again...

---

Sylviatob wrote:
Applied Bank(formerly Cross Country Bank) cards do not have grace periods. None, zero, zilch.

Interest starts accruing the day you charge something on it.

A good card to stay away from.

On another note, I've noticed over the past month, that some of the cards we have, have sent amendments to the T&C's dropping the grace period down to 20 days. BoA I THINK it was, but can't be sure.

May be a growing trend, sadly to say.

---

[Anonymous]

How can they lower the grace period? Would this mean there is a longer period of time between your payment due date and the next statement cut or more than 12 statements per year?