Curious about credit card bill?

Question

I dont have a CC yet, i'm holding off for as long as i can.

I'm just wondering, back in the "old school" days when there was no online banking, and the bank would send you a bill each month of your transactions, how did the interest period work?

would you have like a month following the date the bill was sent? or from the date of purchase?

it just poped into my head, and i found it neat.. thanks for any insight

Answer 1

You actually had 30 days in the "old school ''days. Of course when Visa and Mastercard took over in 67  I believe,  it killed all the dept stores because the most you were able to get at a dept store charge  was about $200 to $300. Visa and McC gave customers a limit of $1000 to $2000. Oh, you were approved for the credit cards as long as you had a checking account,savings account, open or closed loan. They ever gave them to people whose accounts were charged off!