Credit Card Question

[Raven]

I got my bill today from BoA and the message on it says:

"to allow you more time to pay your bill , we have extended your payment due date - effective immediately, you now have a minimum of 25 days from your statement closing date to send in your payment."

Is this part of the credit card reform measures that just went into effect?

[wryter2000]

1. Kick

I think so, but I'll kick so someone else can give you a more informed answer.

[HopeHoops]

2. Yes - quite specifically.

Do you honestly think BoA would do that to be friendly?

[BOSSHOG]

3. Yes

and isn't it so big bankish that they make it sound like they are doing you a favor all on their own. "We have extended." So nice of them. I'll take USAA any day ...

[Raven]

6. I thought so! Shitty and shameless!

[MissB]

8. USAA has never screwed around

Been with them for more than 20 years. They've never jerked my account around.

[Raven]

10. What is USAA? Maybe I'll switch.

[BOSSHOG]

13. It is

a "savings bank" offering several financial services. It is run by mostly retired military personnel and it was originally started for military personnel. They do have some membership restrictions but it would be worth your while to check them out to see if you are eligible. All they do is provide great service, great interest rates and they communicate as if they actually value the customer.

www.usaa.com

I don't usually get carried away recommending a service or a company but these guys are good.

[SoCalDem]

14. Gee.. they used to send you your bill in 30 day increments

and you had 30 days to pay it:)..:rofl:

[meegbear]

4. Why yes. Yes it is.

[Statistical]

5. Well they "could" have done it to be nice however the reform does require them to do that in Feb.

Likely they are adjusting early to avoid last minute issues.

What? You don't think they did that just to be nice. The reform was likely a coincidence. :)

[MercutioATC]

7. It's BoA's way of showing that they CARE about you.

...oh yeah, and they're required by law to do it :)

[PA Democrat]

9. I just noticed the same message on my most recent bill.

I was wondering why the due date was later than I had remembered it to be.

According to this article, the bill requires the company to deliver the bill at least 21 days before the due date.

Link to article here:

http://www.msnbc.msn.com/id/30846334/

<snip>

Sensible due dates, time to pay

Credit card issuers cannot set early deadlines for payments. Payments must be received by 5 p.m. at a location set by the issuer.

Due dates will be on the same day each month.

Card issuers must deliver the bill at least 21 days before the due date.

[Iwillnevergiveup]

11. I hope thousands and thousands of citizens

switch over to credit unions in the coming weeks and months.

[damntexdem]

12. "We have extended" is the tip-off. No way would they do this without being forced to.

And no way would they do something like this at gunpoint without making it sound like it flows from their own altruism.