No. of Recommendations: 0
Ok, here's the story on FirstUSA's two-cycle billing. If you are carrying a balance it is just plain ole ordinary 1-cycle average daily balance being used to calculate the finance charges. If you pay your bill in full each month average daily balance is a moot point you pay no finance charges. When you switch from paying in full to carrying a balance that's when the two-cycle kicks in. What effectively happens is you lose the grace period on all the purchases you made in the previous month.

The bigger danger you face with FirstUSA is even when you send in your payment well in advance of the due date for some weird reason like sun spots or something your payment doesn't get posted until the day after it is due. Now then since you paid your bill a day late you are treated to a $29 late fee, and a punishment interest rate of 21%+.

<<But now since I am a fool...>>

Just so you know for future reference fool with a lower case f is bad, Fools with an uppercase F is good. Fools with an upper case F read the Terms of Service and know the gotcha's.

~~paul
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