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Frequent Contributor
Posts: 387
Registered: ‎08-25-2011
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Re: ? about 0% on purchases for 12 mos and 0% on balance transfers for 21 mos?

Ugh...I share your sentiment. That is one thing I don't like about Citi. I can't make a payment yet either and I just want to PIF already.

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: ? about 0% on purchases for 12 mos and 0% on balance transfers for 21 mos?

raenys wrote:

I just did some research on the new credit laws. Wolf is correct.

The Credit CARD Act requires above-the-minimum payments to be applied first to the credit card balance with the highest interest rate



So the law did change with respect to this....this is obviously protects the consumer. This was a good change.  As indicated in my post, that was the old way they did things.  I had a feeling the new laws may have had something to say about this practice. I am glad to see this.  


The only question that remains in my head is, where does the payment get applied if you are only paying the minimum? I would still check the terms of the card agreement.

They decide where to apply the minimum payment.


For advanced users, there is a special provision for deferred interest.   It applys all extra payments to defferred interest balance for last 2 months before deferred interest deal expires.   This allows you to pay off the deffered interest balance even though it is usually 0% at the time and you may have some other normal higer interest charges.   Otherwise you would get charged for all the interest from time of purchase.      

Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
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Looking for lower rate or intro APR on 17% card

Hi, fin223, your post has been split off to start its own thread, using the subject title that you created: Looking for lower rate or intro APR on 17% card

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