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View Diary: Least Worst Credit Card Company? (19 comments)

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  •  Better read the fine print on the Discover card (none)
    they do two cycle billing and it is a big ripoff.  Never get a credit card that does this if you carry a balance.  For a full explanation read this
    http://www.wistv.com/Global/story.asp?S=2990922

    Long story short

    Let's say you've been paying your bills in full and charged a $1000 computer mid-December, but you could not make a payment when your January statement arrived. Detweiler says come February, "Most issuers, under the average daily balance method, are going to charge you interest for your outstanding balance in January. So, that's $1000 at 18% interest, you'd pay $15 in interest."

    But, with two-cycle billing, you'll pay the $15 interest for January and finance charges based on your average daily balance in December. Detweiler says that's an extra $7.50, bringing your interest penalty up to $22.50, "It may seem like a few dollars here and there but, in the end, it can add up to a lot of money."

    There is no way to peace. Peace is the way. - Mahatma Gandhi

    by otis704 on Fri Mar 04, 2005 at 04:10:40 PM PST

    [ Parent ]

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