Saturday, May 23, 2009

Big changes with Credit Card

Although I can't think of anything positive to do, I am wondering how the changes in charging interest (about 22% a year ) from the moment you charge anything on your credit card, will this hurt art sales or any sale, especially over the internet?
No more grace period of 20 to 30 days and this is for people who pay off their balance each month. Also no more miles or rebates/
The letters I have gotten say that these new policies will take effect in July or August. Bonus are also gone. This affects about every one.
I know that my first purchase on ebay would not have happened if I couldn't use a credit card. It was a wise decision on my part as it was a scam, several buyer got together (thru emails) and determined the seller was a fraud. We could not get ebay to do anything for several weeks. I and others who had used credit cards, quickly notified our providers and put a stop. They ones who had used a debit card, or let ebay (Paypal) remove money from their checking account were out of luck, and lost the hundred or so.
I hate the thought that I have to pay interest that starts the minute I buy something with a credit card, no matter how good my credit is, or that I pay the balance in full every month.
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