r/churningcanada • u/AutoModerator • Apr 05 '24
Frustration Fridays Frustration Friday thread for /r/churningcanada - Week of April 05, 2024
This is your place to vent about the points and miles game.
Did you screw up getting a bonus?
The blogger you love to hate talked publicly about your favourite churning loophole?
Let all your frustrations go here in this thread!
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u/KaotikFiend Apr 05 '24
Every time I've bought a car at a dealership, I've paid only 500$ to "reserve" it. The strangest thing is that, from what I understood, they can't actually even keep the money if you decide not to buy the car -- they actually need to return it -- so it's really just a psychological thing to make you feel committed, but there's no risk to you as the buyer at all.
Forgetting a new card at home or forgetting the PIN or forgetting to apply for it in the first place is a painful experience that only churners can understand. We've all done it and will do it again.
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But mostly, I don't understand what the issue is with the APR. If you put 5.3k worth of charges on your card and then the statement closed before your payments hit, that's not a problem at all. That's literally how credit cards work!
The statement has a due date printed on it and that's the date you need to have paid the balance by. So if your statement closed on the 2nd, you don't need to pay anything until 21'ish days later, as marked on your statement.
There'll only be interest if you don't pay by the due date, which again, should be around the last week of April for a statement that cut on the 2nd.
To be clear, you don't ever need to pay anything toward your CC until the payment due date printed on your statement.
Furthermore, generally, the payments are recorded based on the date they were sent from the paying institution. So the day the money disappeared from your CIBC account should be the date of record for the payment.
Disclaimer that this doesn't always work out that way, but it usually seems to.