“I think the “Unintended Consequence” will be that interest will be charged from the time of purchase”
That’s simple, just cancel the CC and pay everything in cash.
A CC is nothing but a convience card anyway and will only make checkout lines longer.
I’ll just get 500 or 1000 everytime I go to the ATM instead of 200 I get now.
I thought that's what I suggested would happen; not necessarily the cancellation part but the paying in cash. But when people pay in cash some will not spend as freely as they might with a credit card. Sometimes this is just mental, but sometimes one is limited by the amount of cash he is carrying. Whatever the effect is that spending is reduced which has a depressing effect on the economy.
ML/NJ
Closing a CC account, even for a perfect customer, will lower you credit rating. Multiple closings are even worse. Next time you go for a house or car loan, you will possibly be in a lower rating bracket and have to pay higher interest on the loan. The benefit you gained in dropping the card will be more than lost in the higher interest. Be careful. Read some articles online about what affects your credit rating. Of course, if you don't intend to borrow money, you're OK.