topic Re: When EXACTLY will over-the-minimum go to high APR balances? in Credit Cards

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

Anonymous — Sat, 09 Jan 2010 15:08:57 GMT

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?

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

Thanks.

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

Jazzzy — Sat, 09 Jan 2010 15:33:32 GMT

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.

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

Lel — Sat, 09 Jan 2010 15:37:54 GMT

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.

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

Anonymous — Sat, 09 Jan 2010 15:44:21 GMT

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.

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

Anonymous — Sat, 09 Jan 2010 15:55:13 GMT

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.

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

Anonymous — Sat, 09 Jan 2010 16:16:23 GMT

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