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Hurray for Discover!

February 16th, 2009 at 12:08 pm

"We are eliminating the Two-Cycle Average Daily Balance (including new transactions) method and will now use the Average Daily Balance (including new transactions) method to calculate the balances upon which we impose Periodic Finance Charges. This means that when you switch from paying your balance in full each month to carrying a balance, you will only be charged Periodic Finance Charges on your Average Daily Balance in the current billing period, as opposed to the Average Daily Balance in both the current and previous billing periods."

In an age where every day credit card companies are slashing limits and raising interest rates, it's nice that a company I've been loyal to for many years is doing something right by consumers. Hurray for the end of double cycle billing.

They also continue to offer 25 day grace periods from the closing date of the statement.

4 Responses to “Hurray for Discover!”

  1. Ralph Says:

    Excellent! Discover has been one of the better ones in my experience. They gave my daughter an awesome rate on a private student loan (that I co-signed), less than half of Chase's rate!

    Now if Citicorp, BoA, or Chase uses their bailout money to buy Discover, I will be (even more) hopping mad!

  2. M E 2 Says:

    In all the years I had a Discover card, I only had one problem. But they were such @$$hats about the whole thing (which was proven to be THEIR error) that I paid them off and basically told them to kiss my grits!

    Oh, and as an aside, on Friday I was sadly notified that I was being fired as a BoA credit cardholder because I hadn't used my card in the past 12 months. (LOL, I haven't used it in the past 5 years, at least)

  3. ralph Says:

    So if BoA trashes all our credit ratings...

  4. M E 2 Says:

    Luckily for me, BoA closing my accounts isn't going to trash my credit rating and/or more importantly,my FICO score. For me, BoA is a small fish in a big(ger) pond.

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