Are any other banks doing what CIBC is doing with Visa payments?! (Crooks!!!!)

[shneebs]

This doesn't really affect me too much, but it still ticks me off...

Apparently, as of April 01, 2005, for all CIBC Visa cards, if you do not pay your card off *in full* by the due date, future purchases will start incurring interest as soon as they are made... for the next 2 months!!! Your past payment history has no effect on this - if you don't make your full payment (not just the "minimum" payment...) by the due date, for the next 2 months, all purhcases will be treated the same as a cash advance - interest from the date the purchase is made!

As I said, this doesn't affect me much since I pay my balance off in full each month, but if for some reason, I miss a payment, I then have two full months of interest charges when I use my card!

I'm not sure what the previous policy was, but I think it might have been the same policy, but for only one month...

I called my CIBC guy at my branch, and he said a fair number of people have complained. Apparently they do log all complaints, and he said, you never know - if enough complaints are registered, *maybe* they'll reverse their decision.

My question to the rest of you RFD'ers is: Are any other banks doing this? Apparently CIBC claims that "everyone" will be moving to this system....

Shneebs.

[Kevinck]

Woah. Doesn't affect me either (I put 90% of my monthly purchasing on CC but have never paid a cent in interest) but that just sounds completely wrong. With the amount of money the CCs make in interest you would think they would be the last people to introduce such a blatently greedy new rule against the customers. I'm going to have to go check with my mastercard.

[Nyte]

Same situation with me. I usually have it paid off before they even send me the bill. But this is interesting to know.

[Montague]

Actually it may be a good thing.

It provides a very good incentive to pay off completely your visa bill.

Never fall into the trap of only making the minimum payment cause you will NEVER pay off your visa card this way.

[pfdude]

I think all banks are switching to this policy. RBC does it now... atleast on my card

[sleepyguy]

Yeah, I heard all banks are doing this as well... we're so dependant on Credit Cards that we pretty much bow down to all their changes. Banks are evil... I know... I work for one! :P

[JAC]

What about MasterCard?

[Headhunter]

Good thing I'm not with CIBC...

[Agent_J]

My question to the rest of you RFD'ers is: Are any other banks doing this? Apparently CIBC claims that "everyone" will be moving to this system....

Shneebs.

The following financial instituitions have implemented this system for quite some time:
AMEX
Capital One
Citibank
MBNA

and Royal Bank recently

So basically the Americans started it, and now the Canadians are following.

[peterbrowne]

TDCT does it on the Venture LOC
http://www.tdcanadatrust.com/tdvisa/venture.jsp

[rdtx2002]

banks just want more of our money

[d_jedi]

B***ards. I'm glad TD hasn't done this yet..

[d_jedi]

banks just want more of our money

As if they don't already make billions..

[Hellfire]

Hmm... this is kind of unfair for all the people who make min payments. I pay off my card in full every month, but I've had problems before when the CC company claims my payment was made the day after the due date, even though my bank slip clearly shows the day when it was due. So mistakes would be compounded even more by this stupid policy.

[shneebs]

Hmm... this is kind of unfair for all the people who make min payments. I pay off my card in full every month, but I've had problems before when the CC company claims my payment was made the day after the due date, even though my bank slip clearly shows the day when it was due. So mistakes would be compounded even more by this stupid policy.

Well said! That is my main fear as well - I pay in full each month, but if there is some sort of screw-up, I'm paying interest on every freakin' purchase for the next 2 months! If I didn't love my Aeroplan points so much, I'd dump my damned CIBC Aerogold Visa!

Shneebs.