The federal government's Credit Card Act is bringing sweeping changes to the industry with reforms aimed at increasing consumer protection, but those with good credit might see negative effects. Marc Lovicott reports
I thought that when a credit card payment is made, only the amount over the minimum payment due was applied to the amount with the highest interest rate. This story seemed to say that each payment is applied to the highest interest rate account balance no matter what the minimum amount due is. I need to research that part of the law to determine which is correct.
I thought that when a credit card payment is made, only the amount over the minimum payment due was applied to the amount with the highest interest rate. This story seemed to say that each payment is applied to the highest interest rate account balance no matter what the minimum amount due is. I need to research that part of the law to determine which is correct.
montemendoza 2 years ago