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DueMinder.com

Sixty To Zero

My journey to pay off $60,000 of debt in 3 years

Tag >> motivation
Oct 15

Double-cycle Billing

Published in Unitedmotivationfeesdouble-cyclecongressChasebalance by kvan | Comment (1)

I just realized that my United Airlines credit card from Chase uses the double-cycle billing method, one of the schemes currently under scrutiny by Congress. I had wondered about this earlier in the year, whenI started using this card as a "pay off every month" card for everyday purchases.  It seemed to take a number of months before I was no longer free of interest fees.  I found this clause in the "Grace Period" section of my cardholder agreement:

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My Debt

Current Debt: $36,242.95
Starting Debt:$63,311.34
Monthly Commitment: $1,500
Average Rate: 3.72%
Payment Efficiency: 92.35%
Payoff Date: Dec-2011 -2y 2m

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