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Credit Card Acts that go in to effect Feb. 22....
Posted on 2/5/10 at 12:14 am
Posted on 2/5/10 at 12:14 am
Anybody can explain this part to me?
Payment Application
•Any excess amount of payment received that is over the minimum monthly payment must be allocated to the card balance bearing the highest interest rate first.
Is this not the same as someone paying extra on their card with the highest interest rate?
Payment Application
•Any excess amount of payment received that is over the minimum monthly payment must be allocated to the card balance bearing the highest interest rate first.
Is this not the same as someone paying extra on their card with the highest interest rate?
2
Posted on 2/5/10 at 1:13 am to lsufb81
I guess, for example, if you used a credit card to withdraw cash, that cash withdrawal will have a higher interest rate than purchases on the card.
So if you pay $200 off your card, that $200 will go towards the cash first before it goes towards purchases, even if purchases were made before the cash withdrawal.
So if you pay $200 off your card, that $200 will go towards the cash first before it goes towards purchases, even if purchases were made before the cash withdrawal.
Posted on 2/5/10 at 8:12 am to lsufb81
any links to this?
i bet the banks are pissed if this is true.
i bet the banks are pissed if this is true.
This post was edited on 2/5/10 at 8:16 am
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