What does two-cycle billing mean?
Most of the credit card companies utilize single-cycle billing, that is, there will be applied interest and charges to only one month. So, you will be receiving your credit card statement each month and there you can see your owed balance, interests, charges and eventual fees.
However, some credit card companies took up the method of two-cycle billing, which however inviting it may sound that you will have to pay towards your loan only every two months, in the end this method is not that practical financially speaking. That is perhaps the reason why there are very few in favor of two-cycle billing, and beginning with July 2010 this method of billing will no loner exist (federal regulators prohibit this practice).