- Jul 22, 2012
But they are the same thing. Your mortgage term is 5 years. The credit card term, as defined in the terms of service, is 30 days. The rate resets every 30 days. It is exactly the same.I don't mind that as it seems to happen at the end of a defined term. Credit Card companies did it at any time to purchases you had already made at a lower rate. That is what Warren was talking about.
I would be really curious to look into this. My gut says they would move it to Friday. Why? Psychology. If the law gives a leg up to the consumer at the expense of the creditor, that's almost like positive reinforcement of government laws. The more logical and spiteful thing would be to move the deadline to Friday so the law has no effect. Even more spiteful would be to move the deadline to Thursday. It's like a giant middle finger to the government. Yes, humans really are that pettyI think they move the payment date to Monday.