@amakol wrote:
@Aahz wrote:It's not Irish, it's Barclays and CapOne. They both permit this while BofA and Chase do not. I just quoted their terms in a different thread a few days back. The lesson to be learned is to be sure to read the BT terms at the time you initiate the transfer. Not all banks are the same.How can B of A and Chase be against this?
Allocating payment above the minimum to the highest interest rate first can't be denied by terms of service or cardholder agreements.
Yes, I know big banks don't hesitate to "misinterpret" the law but this would be a blatant violation of the CARD act.
I THINK the difference is that Barclays (and I guess Cap One) choose to let you keep your grace period on purchases even when you carry a BT/promo rate. Others do not. I just did a BT to my Arrival+ before this statement cut:
That's the amount on the statement ABOVE my BT amount.
I called Chase once on the way they allocated my payment when I had a promo rate and I thought they applied it wrong. IIRC they have to apply the minimum payment amount to balance X, then they can allocate the rest to balance Y. I just can't think through this morning which is X and which is Y, regular rate purchase balance and 0% balance.
