The End Of 20-Day Grace Period For Credit Card Holders
June 17, 2008 – 7:21 pmI meant to blog about this a long time ago but it kept slipping my mind. Well, the thing is, I have been informed that if you are a credit card holder who did not settle your balance in full, you will not be able to enjoy the 20-day interest free grace period for your subsequent purchases.
However, those who settle their balance in full will continue to enjoy this 20-day interest free grace period like they did previously.
I am not sure if this new ruling is good or bad. On one hand, I can see that it fosters a responsible credit card ownership but on the other hand, it will cause greater hardships on people who are already feeling the financial pinch from escalating fuel prices.
With this rule in place, I believe that people will now try their best to settle their outstanding credit card balance in full. Did you know that I have a friend who will not settle his balances and let the interest accumulate? I know he is rich enough but why waste money unnecessarily?
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Tags: credit card, credit card interest, credit card interest free grace period, credit cards, Malaysian credit card, Malaysian credit cards
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