Two- Cycle or Double -Cycle Balances

veracious · ‎04-12-2011

While researching Balance Computation Methods on the FTC 's Facts for Consumers website I came across

this type of balane computation method. Anyone know which CCC's use this method?.

Also, is it an agreement that is used by CCC's with only certain customers?

The article I referenced also mentioned the most common balance methods such as: Avg. Daily Balance, Adj.Balance, and Previous Balance.

Do most CCC's use Avg. Daily balance and how often are the other types used in this credit climate?

Thanks in advance.

_________________________________________________
"You may never know what results come of your actions,
but if you do nothing, there will be no result" ~ Mahatma Gandhi

AndySoCal · ‎04-12-2011

The answer is no should be using this method now due to recent legislation. See link below

http://www.creditcards.com/credit-card-news/help/what-the-new-credit-card-rules-mean-6000.php

The answer to your question is on the second page of the article.

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veracious · ‎04-12-2011

Thank you, AndySoCal.

I didn't know it ended in Feb. 2010 with one of the provisions of the Credit Card Act.

_________________________________________________
"You may never know what results come of your actions,
but if you do nothing, there will be no result" ~ Mahatma Gandhi