Whatever Happened to Credit Card Grace Periods?

We bank on line, and pay our regular bills by posting them to the due date.
I also see the posting to my Visa accounts, which I normally peruse once or twice a week, on line. I've resisted on line billing, because I can crossreference any errors.
TD's problem resolution centre is very aggressive, and usually clears a matter the same day.

This practice is more than annoying, it's costly. In addition to a late fee, if the card is one with 0% or low% for a period of time, a "late" payment cancels out the low finance rate. Also, the "late" payment is reported to the credit reporting trio and your credit rating suffers, which affects your car insurance and homeowner insurance rates, among other things. WHAT A SCAM! It may be legal, but in my opinion it's immoral.

My cards are all paid through online banking. The money is transferred electronically to the card issuer 4 days after I set up the payment. The card companies do NOT post this to my account immediately; however, the money is in their account (as evidenced by it's being out of my checking account & actually posted as a cleared transaction). I talked to one of the companies a couple of days after the due date & the payment was not showing on my account & the "customer service" person insisted it had not been paid. all the while I was looking at the cleared transaction in my online checking account access. This doesn't seem just immoral, it seems illegal, since they are intentionally holding the recording of the payment. They at least had sense enough not to charge me a late fee or disrupt my interest rates after I loudly protested & gave the rep the actual date that the transfer had cleared my account. Shortly after that (about a month), I received a notice from that same credit card company that they would not post any payment that was not received as a check before 11 am on the due date in less than 4 days. What a scam; they have all electronic transfers for 4 days before posting!

But wait, there's more... I have had one of my credit card companies tell me there is a delay in on-line payment (a delay from payment submitted and payment “actually received and posted). I was trying to pay off the card, so I paid what was reflected on-line, right after the new invoice posted. Because they were applying interest daily, I got another bill for interest applied. When I complained, the first person I talked to gave me the usual response, and that’s when I found out about the posting delay (in my case, it was 4 days later!) As I stewed some more, I called again to complain, and fortunately this time they decided to waived the additional interest, but believe me it wasn't easy, I had to throw a serious fit!

If you think that's bad try getting rid of your credit cards! It's been two months and one of mine STILL hasn't cancelled the card. Another offered me 100 dollars to keep it!