From: tsanford@nf.sympatico.ca 
  
 "Muomo"  wrote in message 
 news:l99f219mbgs8970va74i5a6fv3h8nc46v5@4ax.com... 
 > 
 > The inconspicuously looking pamphlet attached with my monthly 
 > statement  turned out to announce a very significant shift in the way 
 > the interest on CIBC Visa purchases  would be calculated, starting 
 > April 1, 2005. 
 > 
 > 
 > " The way that interest is determined on new purchases is changing. 
 > 
 > Currently, no interest is charged on new purchases appearing on your 
 > statement for the first time if you pay the full balance due under 
 > that statement by the payment due date. 
 > 
 > After April 1, 2005, for an interest-free period to apply to your new 
 > purchases you must pay the full balance due under your current 
 > statement by the due date and you must have paid your previous month's 
 > balance in full by its due date 
 > (so that your are not carrying a balance from the previous month)." 
 > 
 > Will this constant push to squeeze more money out of consumers for the 
 > sake of gazilions of corporate profits end someday? 
 > With pleasure  I canceled my CIBC Visa today.  I had been their 
 > cardholder for 10 years. 
 > 
 > Muomo 
 > 
 Interesting post! If I read this right; CIBC, if you have not paid off your 
 previous month's credit card balance by due date, will NOW charge interest 
 on those newer purchases (on the basis that you have not paid the previous 
 balance owing!). 
  
 This would seem to negate one of the advantages of using a credit card; 
 namely that it gives you a few days to pay off the balance. 
  
 So got to wondering if other cards worked this way? 
 Just checked our 'Can Tire Options Master Card'. They advise not as above. 
 Interest is charged on the previous purchases shown on the statement, but 
 not on 'new'  purchases until 'they' are shown on the following months 
 statement plus the grace period of about 21 days. 
  
 BTW see my new post about 'Slow mail' especially in reference to paying 
 bills such as those for a credit card. 
  
 Thanks to Muomo for the warning and sharing the information.  Also 
 congratulations for alertness, being knowledgeable  and acting upon it. 
  
 BTW I decided to call CIBC using the listing "CIBC Credit Card Services, 
 Customer Service, a 1 800 number". 
  
 Interesting also; the voice tells you four options but none to actually 
 speak to a representative, so I let it 'time out' just as though I was 
 calling from a non touch-tone phone, and it took me to a knowledgeable and 
 polite representative. 
 That person said "Yes; April 1st CIBC are changing to that method of 
 charging interest; but understands they are one of the last do so since many 
 other credit cards already do so"! 
  
 Hmmm! Other card holders beware? 
  
 Terry. 
  
 --- SoupGate-Win32 v1.05 
  * Origin: you cannot sedate... all the things you hate (1:229/2)