Will over-the-minimum to highest rate balance apply to CLOSED account?

[Anonymous]

Will the new law requiring that over-the-minimum payments go to the highest rate balance apply to CLOSED account?

I read H.R.627, and it doesn't seem to distinguish between open and closed accounts...  So I am not sure.

I am really worried, since I opted out of Citi 29.99 rate jacks.  But on those cards I have about $8k at 19.99%, while I have about $10k at a measly 2.99%.  So the law would help me tremendously, if it applies to the closed accounts.

I called Citi, but they are just horrible.  They won't tell me a thing.  They say they don't even know when they will implement the law!!!

[Anonymous]

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@Anonymous wrote:

Will the new law requiring that over-the-minimum payments go to the highest rate balance apply to CLOSED account?

I read H.R.627, and it doesn't seem to distinguish between open and closed accounts...  So I am not sure.

I am really worried, since I opted out of Citi 29.99 rate jacks.  But on those cards I have about $8k at 19.99%, while I have about $10k at a measly 2.99%.  So the law would help me tremendously, if it applies to the closed accounts.

I called Citi, but they are just horrible.  They won't tell me a thing.  They say they don't even know when they will implement the law!!!

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They probably don't know. But you know when they have to comply with the law and that's all that matters.

And yes, the application of payments method for all revolving credit agreements will have to conform to the provisions of the Credit CARD Act of 2009.

[Anonymous]

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@Anonymous wrote:

They probably don't know. But you know when they have to comply with the law and that's all that matters.

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They do have to send a change of agreement notice 30 days before though, right?  Even if it's an implementation of a law, correct?

Because it's getting pretty close to 30 days away from February 22nd. 

[Anonymous]

Whether they send you a notice or not they still have to comply.