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Reducing Interest Free Days on Credit Cards

  1. Ocker

    10,363 Posts.
    I have in place with ANZ whereby they automatically debit my cheque account for the total outstanding amount of my Gold Visa Card.

    The payment date was 25 days from the date of the statement, but I am informed that as from next month my cheque account will be debited 7 days from the statement date.

    I would imagine the overall impact of reducing the interest-free period by 18 days would be quite significant.

    The letter goes on to say:

    "These changes are designed to make the service fairer and more equitable for a much broader range of customers"

    Now that statement must go down in history as one of the biggest propadanda statements of all times.

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