Kay Jeweler's Interest Rate

Anonymous · ‎05-29-2011

I am really surprised that I didn't see this topic in the message boards or perhaps I missed it. I have an account with Kay Jeweler's and I just noticed two things:

1. They are not applying my payments to the balance with the higher interest rate, instead they are being applied to the lower interest rate. According to the new credit card laws, please correct me if I am wrong, should payments be applied to the balance with the higher interest rate.

2. My online statement has one interest rate, while my paper statement that I receive in the mail has a different one.

Has anyone else noticed this?

Anonymous · ‎05-29-2011

@Anonymous wrote:
I am really surprised that I didn't see this topic in the message boards or perhaps I missed it. I have an account with Kay Jeweler's and I just noticed two things:

1. They are not applying my payments to the balance with the higher interest rate, instead they are being applied to the lower interest rate. According to the new credit card laws, please correct me if I am wrong, should payments be applied to the balance with the higher interest rate.

2. My online statement has one interest rate, while my paper statement that I receive in the mail has a different one.

Has anyone else noticed this?

WIth regard to issue one, are you making *more* than the minimum payment requried? If you're paying more than the minimum, then any amount over that minimum payment will aid in reducing the higher interest balance(s). If you're paying just the minimum payment due they can apply the minimum payment to the lower(est)/promotional interest rate balance, while letting higher APR balances continue to grow.

MarineVietVet · ‎05-29-2011

@Anonymous wrote:
WIth regard to issue one, are you making *more* than the minimum payment requried? If you're paying more than the minimum, then any amount over that minimum payment will aid in reducing the higher interest balance(s). If you're paying just the minimum payment due they can apply the minimum payment to the lower(est)/promotional interest rate balance, while letting higher APR balances continue to grow.

This is also the way I understand how the new CC law works.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".