Credit Card Two Cycle Billing and Charges Associated With Two Cycle Credit Card Billing
Author: DollarBunny
Posted: Wed Mar 07, 2007 5:34 pm
Post subject: What's that term called?
Hi, What's it called when this happens? I paid off a FIA BOA card in full (one minimum payment and two BTs) so my balance was 0 when I looked at Yodlee on March 2. Now today, 5 days later, I have a balance of $135. due to interest charges. Gee, when I've paid off cards in the past, they were PAID OFF! I called customer service and got the blah blah blah explanation of Interest still acruing and no grace period, etc, etc. I admit I didn't listen that closely, because I was irritated, to say the least. Anyway, they are sending another explanation of everything. My account is old so I don't have any of the original paperwork. At least by NEXT month I should have a 0 balance, and at least they won't be getting another dime of interest out of me after this month!!!!!!!
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Author: Polonius
Posted: Wed Mar 07, 2007 6:30 pm
Post subject:
It's called two-cycle billing.
Your statement showed what you owed on the date when the statement is issued, but since you're charged finance charges every day, more charges accumulate each day after your statement was mailed until your entire debt is paid in full. Nothing odd about that--the same method works to your benefit when you GET interest in a savings account, for example.
Author: Alaskan Assassin
Posted: Wed Mar 07, 2007 7:43 pm
Post subject:
That two-cycle billing is a fico killer
_________________
https://home.americanexpress.com/home/mt_personal.shtml
{TOP 3 FAVORITE CREDIT CARDS AND THERE LIMITS}
1)BANK OF AMERICA AK AIRLINES$7000
2)AMEX BLUE SKY$23,000
3)DISCOVER CARD CASH$5000
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Wed Mar 07, 2007 7:48 pm
Post subject:
Luckily this is another issue Congress is looking into
Author: mouse
Posted: Wed Mar 07, 2007 8:06 pm
Post subject:
I ALWAYS pay more than full on the final payment (OVER-PAYMENT)
(when paying higher than 0.00%)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Mar 07, 2007 5:34 pm
Post subject: What's that term called?
Hi, What's it called when this happens? I paid off a FIA BOA card in full (one minimum payment and two BTs) so my balance was 0 when I looked at Yodlee on March 2. Now today, 5 days later, I have a balance of $135. due to interest charges. Gee, when I've paid off cards in the past, they were PAID OFF! I called customer service and got the blah blah blah explanation of Interest still acruing and no grace period, etc, etc. I admit I didn't listen that closely, because I was irritated, to say the least. Anyway, they are sending another explanation of everything. My account is old so I don't have any of the original paperwork. At least by NEXT month I should have a 0 balance, and at least they won't be getting another dime of interest out of me after this month!!!!!!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Wed Mar 07, 2007 6:30 pm
Post subject:
It's called two-cycle billing.
Your statement showed what you owed on the date when the statement is issued, but since you're charged finance charges every day, more charges accumulate each day after your statement was mailed until your entire debt is paid in full. Nothing odd about that--the same method works to your benefit when you GET interest in a savings account, for example.
Author: Alaskan Assassin
Posted: Wed Mar 07, 2007 7:43 pm
Post subject:
That two-cycle billing is a fico killer
_________________
https://home.americanexpress.com/home/mt_personal.shtml
{TOP 3 FAVORITE CREDIT CARDS AND THERE LIMITS}
1)BANK OF AMERICA AK AIRLINES$7000
2)AMEX BLUE SKY$23,000
3)DISCOVER CARD CASH$5000
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Wed Mar 07, 2007 7:48 pm
Post subject:
Luckily this is another issue Congress is looking into
Author: mouse
Posted: Wed Mar 07, 2007 8:06 pm
Post subject:
I ALWAYS pay more than full on the final payment (OVER-PAYMENT)
(when paying higher than 0.00%)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 6:41 PM
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