What is Double Cycle Billing?
Brief and Straightforward Guide: What is Double Cycle Billing? … Double cycle billing is a method used by some creditors to calculate the amount of interest to charge for a given … read all Credit Card Blog – Double Cycle Billing Blues Credit Card Blog – Double Cycle Billing Blues – brought to you by Your Credit Network. … Earlier this month the Senate Banking Committee began a process that will take a long … read all Installment Loans vs. Double Billing from Credit Card Companies Important data and commentary on how interest rates from credit card issuers differ from those of installment loans at Lending Club.
Double cycle billing is a method used by some creditors to calculate the amount of interest to charge for a given billing cycle. The most common usage of double cycle billing is by credit card companies. However, it is important to note that not all credit card providers use this method. Sometimes referred to as a two cycle average daily balance, double cycle billing involves considering not only the current balance on the credit card, but also the average daily balance from the previous billing period. What this method of credit card billing can accomplish is that it could a higher figure to use as the basis for the calculation of the interest that will be applied to the current period of cycle. When this is the case, the consumer will pay more interest on the current outstanding balance on the card. For people who carry a balance on credit cards from one billing cycle to the next, this can lead to paying additional finance charges over the course of a year. This would be especially t
