I just received my notice of the change in terms in the mail and have instructed JCPenney to close my account. It seems as though they are following the shady practices of the Sears credit card. Although many fees and penalties have increased, the shortened billing cycle is the worst change in my opinion.
They have shortened their billing cycle to 23 days. This means that the due date will change every month and a payment will be due every 3 weeks, making it impossible to use online bill pay systems to make timely payments automatically. This is just a sneaky way to trick "valued" customers into incurring late fees, as though the new 22.85% interest rate is not enough for them to earn a profit. Of course, as soon as a late fee is incurred, which will be very soon, the interest rate will increase to the delinquent rate of 26.99%.
This should be illegal and my business will not go to such greedy, sneaky companies. Shame on JCPenney for allowing this happen.
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