Why would banking institutions do something like THIS?

In the US, the banks were given a special pass to the credit market and no nice way to say, screw over the people. Credit companies are jacking up rates, changes rates, adding fees,used to charge high rates for those that filed bankruptcy,now, the money has to be paid back and people cannot keep their homes either! There were a couple candidates running for office that favored this, Clinton,Edwards and of course the Republicans and they are exactly why they did not get in office. Then put unequal trade into that ands a perfect recipe for losing your job and home. Congress just "passed a bill" to remedy this, it does not take effect for 19more billing cycles! Kind of late for the ones who are being subjected to these constant and current and continued changes! I m pissed. I had a rate that was 1.99, and it has never been late, and now I got something saying the rate is going up to at least 11% +prime. The payment is already almost 500! If they raise it, I m not sure, I could be done! I have greatt credit and I also did not use a card and the one back closed it, That ruins your credit score. JcPenny changed my due date is is forever giving me an ongoing headache with my bill, I pay if off in full every month they just add extra and change amounts of purchases, too much to go into. They are crooked. They have pakistan do billing and you cannot get anyone to really help you. I will not buy nay thing anymore from them . Other banks are also sending billling over seas. No wonder we need to worry about identiy theft, who is governing them!
Con artist is right, and they get these extravagant favors from government, I believe the term if lobbyist. People need to demand that governement that permitted this change in ethics make it stop! Bush and deregulation and his friends on wall street as well as the Republicans that helped the ones at the top get their pay packages and profits. This is not sour grapes, it is truth. It is one of the reasons I am into writing letters, but it needs to go beyond that, people have to take involvement and action. No one is unaffected, it is why I often get my questions deleted, no one wants the truth, they think it is a violation to inform people of the mess that is still unfolding and costing many plenty. Yet in the US, thanks again to Bush and his corruption that also has many judges that will not be going anywhere, 2/3left will make decisions, that are not going to favor, anyone but the same crooks that are and have helped this mess, and with no recourse. No right to sue. Hello, In other words no right for accountability. The disaster of this, it does not just affect the US, but the rest of the world, These banks, are not actually or primarily owned by anyone in the US but around the world .Yeah so there is much that all the soldiers for the far right and conservative compassionism fail to realize that it is not about lazy low life deadbeats, but about permitting and helping corruption to flourish while "thinking" that they are "supporting" good morals, ah as if they have any-the ones "responsible"
Great question, the answer:, because they can! High profits at the stock market. Another grand illussion sigh,,,.... but thanks!
Oh one more thing! They are also reducing people lines to say they are now oever the limit, which also enables them to raise rates add fee etc, The problem is that is can and is happening to many, I gues when it hits the billion dollar babies, then it will stop!

thats what they do. Our discover card has a 'floating' date too. And we pay it online and you have to pay by 3 pm. Well one time I paid at 3:10 and those bastards upped the interest because it was concidered late. We will use it only to buy gas and stuff that you get cash back and pay the full balance each month and the next month comes around and it was at 22% interest from 11%. They didnt even send a letter or email or anything saying the payment was late and that the interest was increased. They even had the nerve to put a $30 late fee. So just try calling and be polite and they will most likely lower the interest again if you consistantly pay on time. I know its BS that what you pay wont credit towards the next month. This is why the banks needed bailed out they loaned money with outrageous interest and then loaned the interest money too and people said 'screw you send me to collections' and filed bankruptcy and stuff. So now we're paying interest on our loans and we're paying for their bailout 'loan'.

Why would they do it?

Isn't "greed" enough of an answer? Any excuse they have to up your interest rate, means that they'll make more money.

As for your due date - yes, you miss it, and they can start upping your interest rate.

The lesson here is always send in your payment WELL AHEAD of the due date. You pay only once a month, so work it into your billing schedule to back up when you send in your payment a few days every month - in a few months, you'll be sending it in two weeks prior to the due date. That will protect you from the unexpected due date flexibility and missing it by accident.

You might keep your eye out for new credit card offers in the mail, and transfer your balance onto a new account, and dump this one. 19% is way too much to stay with.

I guess the answer to your "why" question is because the bank probably figures it could catch a lot of people off guard that way, and of course by doing so people make the same mistake you did and didn't realize, and that just gives them the "right" to up the interest rates, and giving them the leverage of the consumer not paying on time, which is definitely a cheap shot, i'm with you all the way.

Perhaps call them and ask them to set a single date each month, My bank allows you to pick the date when signing up for a card, this way i know when it's due, anyways good luck!

Lesson learned. You need to keep a close eye on statements and not assume things.

You ask, WHY?

It´s because White Collar Crime is perfectly acceptable these days...