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Two- Cycle or Double -Cycle Balances

veracious
Established Contributor

Two- Cycle or Double -Cycle Balances

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
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AndySoCal
Valued Contributor

Re: Two- Cycle or Double -Cycle Balances

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
Established Contributor

Re: Two- Cycle or Double -Cycle Balances

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
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