Do most credit cards assess finance charges over a two-month period?
Here are the specifics:
I received a statement in October for purchases made in the month of September. I did not pay the full amount, so interest accumulated over to the next month and I was assessed a finance charge as well.
The next month (November), I paid off my October statement in full along with the unpaid balance of my September statement and the interest and finance charges.
Then, in December, I received my November statement which included an additional finance charge. When I called up the bank that issued my credit card, I was informed that their policy is to assess 2 months worth of finance charges whenever those charges need to be made. Essentially, because I did not pay off my September bill in full until October, I was charged a penalty for November as well.
How common is this in the industry? Also, is this a practice that has come under scrutiny by any (US) state governments?