Source for credit cards
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Source for credit cards
Products Free
StuffSite
Map
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Billing Cycle The billing cycle of a credit card is the amount of time that a bill is calculated on. These cycles generally last thirty days and the grace periods normally last twenty days which means that the bill is not required to be paid for twenty days after the billing cycle ends. It is important for credit card users to be aware of when their billing cycle ends because late payments can increase the interest added onto the following billing cycle. If the credit card company receives the payment during the grace period, then no extra financial charges should be added to the bill. Any kind of card activity during the billing cycle should be added to the bill for that period. This includes payments, deposits, balance transfers, purchases, etc. The average daily balance during the billing cycle is then calculated and the formula is multiplied by the billing cycles interest rate in order to ascertain the exact amount of interest run up during the billing cycle. Making payments onto the balance during the billing cycle can lower interest amounts while carrying over the balance onto the next billing cycle will significantly raise the amounts added to the bill. More Credit-Card Terms Explained |
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