- Last week Chase Card Services announced a few changes in its credit card services. Most importantly, they decided to end double-cycle billing, which calculates interest over a two-month period and can result in higher finance charges.
They point out that while it’s a consumer friendly move, it came a week before “Sen. Christopher Dodd, D-Conn., and the Senate Banking Committee begins its hearings on credit card practices (the hearings begin tomorrow).” Double-cycle billing is bad. —MEGHANN MARCO
Chase ends double-cycle billing [Bankrate]