Consumerist linked to this Bankrate.com report about Chase Bank’s decision to end double-cycle billing. Says Chase’s chief marketing officer, “In our continuing review of customer feedback, we found that this practice was difficult to understand.”
To say the least. Basically, they billing every two months, instead of every month. The only clear reason was that it resulted in higher fees to Chase. Of course, the change came just before Senator Christopher Dodd announced hearings on credit card industry practices. One wonders if Chase didn’t have insider information and caught the PR wave early.
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