The Credit CARD Act legislation that became effective on February 22, 2010 required issuers to mail your billing statement at least 21 days before the due date, which is the date you'd begin accruing finance charges. Be sure you read the terms of your credit cards so you understand how long the grace period is for each card. Paying off your balance within the grace period can save you a bundle in interest expense.
Note, though, that some transactions aren't covered by the grace period. Generally, transactions such as balance transfers and cash advances aren't covered. This means that you'd begin to pay interest on the first day of the cash advance or transfer. The rates can be high, so read the terms of your credit card carefully to know what's covered.
- My ex-wife took her maiden name back. She has opened new credit cards with my last name and address on them but hasn't lived at my address for three years. What can I do?
- If I buy jewelry online with a credit card, is the purchase insured if the jewelry does not arrive?
- I would like to replace a few high APR cards with better rate cards, but I know that we are supposed to limit how many cards that we have and closing them is a bad idea. What should I do?