Although not a common term, it is one that all credit card users should know about. Some credit card companies was letting go of the daily way of calculation interest and going to the two cycle way. For those card holders who pay off their balance at the end of the month, this will effect you the most.
The typical credit card does not charge any interest as long as you pay the total in full on the due date because the interest calculations are done on a daily basis. With this system, the interest will begin begin charged on the day you made that purchase and this of course removes that grace period they you get with a regular card.
So even if you paid you balance in full, there will still be a finance charge added. Next time you are shopping for a new credit card, read that fine print, find out what billing method they are using. For those who continually carry a balance, little will change, so hang on to that card. The new methods allow the lender to make more money off you.