Why is Discover Card changing payment due date?

 After years of my Discover Card payment being due on the 2nd of the
month, suddenly they've changed it to the 29th. I have to wonder why.
The 2nd was good because it typically fell just after a payday. Now
it's been shifted forward by 4 days.

Any thoughts? Is it paranoia to wonder if it's some kind of ploy to
try and force lateness by some customers?

 

I just went to Discover's Web site, logged in to my account, clicked on
"Customer Service" and there under "Manage My Account" is an entry for
"Change Payment Due Date."

--
Bert Hyman    St. Paul, MN    bert@iphouse.com

 In article


Perhaps they are just trying to make up for giving you 5 days
for free last year.  They base their finances on 12 months of
30 days each, but the year has 365 days, so they need to move
it up 5 days each year to stay even.

-john-

--
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John A. Weeks III           612-720-2854            john@johnweeks.com
Newave Communications                         http://www.johnweeks.com  
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 brassplyer wrote:

A credit card agreement is a(illegal) unilateral contract. They can do
whatever they want to. You are in servitude until you pay it off.
Changing the date was done to increase income.

 

Your understanding is too optimistic.

The standard contract is that interest rates can change for any reason or no
reason. It's a month to month lease. The quoted APR guarantees your rent for
that month only - next month is a whole new contract.

There's nothing "retroactive" or "unilateral" about it despite the populist
rhetoric but nevertheless, all too many users fail to grasp this and think
it of credit card debt as an open ended installment loan. It's not. It's a
short term loan that you either pay off in a month or "revolve" (which is
just a fancy word for borrowing at next month's prices to pay off last
month's debt.) That's just the difference between what credit cards are and
what their users want them to be.

And when a lot of the ill-advised so-called "credit card reform" legislation
goes into effect in the next couple years, a lot of us who use PIF cc's
responsibly (and profitably) are either gonna get stuck with annual fees or
find cc's unavailable altogether since it's no longer a desirable industry
to be in. Thanks for nothing, Obama.