Friday, November 9, 2007

Beware of credit card companies that have two-cycle billing

Most banks normally calculate month interest charges based on the average daily balance for that particular month. With two-cycle billing, your interest is calculated based on your average daily balance for the last two billing cycles, which means even if you took care of your previous month’s balance in full and on time, you can still be assessed interest charges on those purchases the next month.

No comments: