More on the SUPCCA

I blogged recently on the "Stop Unfair Practices in Credit Cards Act," but I missed something important. I mentioned how the law would

ban interest from being charged on any portion of a credit card debt that the consumer paid on time during a grace period.

I zeroed in on the words "grace period," and didn't get the implications of that change. That clause would ban 2-cycle billing.

That's a big deal, and a good argument in favor of the proposed legislation. Paul Wenske's column in the Kansas City Star gives a pretty good overview of all of this.