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Started By
Message
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 2:24 am to TiGeRTeRRoR
That won't help me 
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
Posted on 2/5/10 at 8:33 am to lsu xman
quote:
any links to this?
i bet the banks are pissed if this is true.
No link, but I received a disclosure about this yesterday from one of my credit card companies
Posted on 2/5/10 at 9:43 am to HeadyMurphey
I got a disclosure that stated the same. I can imagine the CC companies are soooo pissed, but that's good for those bastards. As much as I'm against gov't intervention, I think those assholes had it coming to them.
Posted on 2/5/10 at 11:20 am to Jazzyjoker
What about the irresponsible people that live beyond their means and use credit as a way of life?
Are the banks not entitled to make money off of them?
What if the customer fails to pay their bill on-time? Should there not be any consequences?
Are the banks not entitled to make money off of them?
What if the customer fails to pay their bill on-time? Should there not be any consequences?
Posted on 2/5/10 at 11:27 am to Will Cover
quote:
What about the irresponsible people that live beyond their means and use credit as a way of life?
Are the banks not entitled to make money off of them?
What if the customer fails to pay their bill on-time? Should there not be any consequences?
:racist:
But seriously. My credit is good, but I occasionally forget to send my (full) payment in on time. They REALLY hammer you for that now. I don't fault them for doing so, but it still sucks.
And this new law has made it worse.
Posted on 2/5/10 at 3:59 pm to lsu xman
quote:
i bet the banks are pissed if this is true.
This. A few years back I took advantage of a balance transfer offer for 3% for the life of the balance. I was immediately deluged with offers to buy this and that. Especially egregious were the various credit protection offers. Not onliy were they bad to begin with, I would have wound up paying for them at the regular purchase rate until I'd paid off the entire balance transfer first! I bet they suckered a lot of people with that one.
Posted on 2/10/10 at 4:19 pm to lsu xman
quote:
i bet the banks are pissed if this is true.
Oh, it's true. The are pissed but they've been fricking the customers so long, they get to get screwed back.
Several years ago, I accidentally withdrew $100 in cash on my cc thinking it was my atm card (had same pin#). I was wondering why I didn't get a receipt.
The rate on purchases was roughly 6% and the rate on the cash advance was 30%. I had a balance at the time and there was no way I was going to be able to pay the card off. Therefore, they got to continually charge me %30% on that same $100 until I'd paid the card balance down to less than $100. That's ridiculous.
That was the first and last time I ever had a credit card that I didn't pay off monthly or over a 2 month period.
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