Past Due Balance Method
Credit card companies use the past due balance method because it would be impractical to use a credit card and pay interest immediately on purchases. This method allows balances to remain unpaid until a specified due date, after which the balance would start to accrue interest. Balances on credit cards typically become due once each month and after this date the balance becomes past due, thus the past due balance method.
Investment dictionary. Academic. 2012.
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