1 | Grace periods may vary, but usually range from 20 to 50 days depending on the type of credit card and the issuing bank. | |
2 | The issuing bank gets repaid when the customer pays his credit card bill. | |
3 | As credit-card operators they collect a fee on every transaction, whereas the issuing banks are left to collect interest or worry about bad debts. | |
4 | Yet the law does not set absolute limits on rates and fees, which issuers have real incentives to raise. | |
5 | University officials say that their agreements with card issuers comply with the law and bring in valuable revenue. |