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If you have a credit card with the Royal Bank of Scotland, Natwest or Mint, changes to the card small print will soon mean that the current 56-day interest-free period will be reduced to 45 before charges kick in. From January 1st, RBS that owns Natwest and Mint - is slashing the interest-free period available to many of its customers. But controversially, these changes will affect only those who pay off their credit card bill in full each month. Taking into account the time it takes for credit card statements to arrive in the post and cheques to be sent and cleared, customers could have a window as small as a few days as opposed to weeks to make their payment in a timescale that ensures they wont be charged any interest. Those that fail to pay at least the minimum amount on time will also have to pay a £12 penalty charge. Despite complaints from customers, RBS denies that it is penalising prudent customers who use their credit card to manage their cash flow rather than run up expensive debts. But critics say the changes are part of a wider move by credit card companies to increase revenue by introducing 'stealth' charges.
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