Spenders with Commonwealth Bank’s rewards credit cards received a surprise notification last week, declaring the interest-free period on the popular products had been slashed from 55 to 44 days.
The impact of the change? Customers who use the cards to accumulate points but clear their debts by the end of the interest-free period will have less time to pay the bank back.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
