Section 339.002 - Billing Cycle Interest Limitation on Open-End Account Without Merchant Discount(a) This section applies to an open-end account agreement that provides for credit card transactions:(1) in which the creditor relies on one of the ceilings authorized by Chapter 303 for the rate of interest; and(2) in connection with which the creditor does not impose or receive a merchant discount.(b) Interest or time price differential may not be charged for a billing cycle of an open-end account credit agreement if:(1) the total amount of the obligor's payments during the cycle equal or exceed the balance owed under the agreement at the end of the preceding billing cycle; or(2) an amount is not owed under the agreement at the end of the preceding billing cycle.Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. 9/1/1999.