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Grace Period

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Just received in the mail a set of Important Amendments to My Credit Card Agreement from MBNA. (extra-US readers: MBNA is one of the big players, I imagine the biggest, in the US credit card industry…) I take it that this set of Amendments represents a rather significant turn, judging from the chatter on financially minded boards when I searched for a translation out of creditcardese into English… And it goes without saying that it comes exuberantly in the wake of this.

Here’s one bit:

(Payment Change) – GRACE PERIOD
Summary of Change: We are changing your grace period for purchases. With this change, you will need to pay your balance in full by the Payment Due Date each month in order to have a grace period and avoid finance charges on purchases. Prior to this change, you needed to pay your balance in full by the end of each business cycle.

Funny thing, this sneaky survival of the theological in our credit card statements. But then, what of the translation of the lunar month into the "business cycle."

From Debord, Society of the Spectacle, the good part:

Psuedo-cyclical time typifies the consumption of modern economic survival – of that augmented survival in which daily lived experience embodies no free choices and is subject, no longer to the natural order, but to a pseudo-nature constructed by means of alienated labor. It is therefore quite ‘natural’ that pseudo-cyclical time should echo the old cyclical rhythms that governed survival in pre-industrial societies. It builds, in fact, on the natural vestigest of cyclical time, while also using these as models on which to base new but homologous variants: day and night, weekly work and weekly rest, the cycle of vacations and so on.

Written by adswithoutproducts

May 1, 2005 at 12:54 am

Posted in Current Affairs

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