I read somewhere of a settlement that was reached with a credit card company (I think it was First USA) over the practice of delaying the mailing of credit card statements in order to shorten the grace period (and in turn to pull in more interest income for the credit card company). I can’t find the article where I first read about this.
My credit card company (Bank of America) appears to be engaging in the same practice. My statement is posted on the 5th of the month and most months I don’t receive the bill until the 16th or 17th of the month. The bill is due on the 1st, giving me about twelve days to mail the payment rather than the 25 day grace period the bank saves it gives with this type of account. Can anyone cite the previous settlement and/or give me information on how I might proceed in dealing with this situation?