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New Contributor
Posts: 70
Registered: ‎01-14-2009
0

When EXACTLY will over-the-minimum go to high APR balances?

Hello

 

Regarding the new law, when exactly will payments over the minimum go to my highest APR balance?  I hear that the laws go into effect on February 22nd.  So in which case will the multi-APR law work?

  1. Payments made for statements printed on or after the 22nd?
  2. Any payment made on or after the 22nd?

Thanks.

 

Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
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Re: When EXACTLY will over-the-minimum go to high APR balances?

Personally, I don't have a clue. I would recommend that you call your credit card company and ask them. They should be able to tell you.
Moderator Emeritus
Posts: 5,267
Registered: ‎03-18-2008
0

Re: When EXACTLY will over-the-minimum go to high APR balances?

On the disclosures that I've received from my credit card companies, they had an "effective date" for the changes that they were required to implement.  I don't have those disclosures with me (they're all at my office), but as I recall the dates didn't always fall exactly on February 22.  Sometimes they were to be implemented shortly before that deadline.
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: When EXACTLY will over-the-minimum go to high APR balances?

It must apply to any payment 22FEB or later. It can be set earlier - some of my cards already have altered their agreements to conform to the new law.
New Contributor
Posts: 70
Registered: ‎01-14-2009
0

Re: When EXACTLY will over-the-minimum go to high APR balances?

Does anyone know about Citi bank?  They are the ones I want to pummel with payments to kill the high rate balances.

 

I called, but the idiot on the phone said he doesn't know.

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: When EXACTLY will over-the-minimum go to high APR balances?

Consult the Cardholder Agreement for your account. If you can't find yours ask them to send you one.
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