@compassion101 wrote:
With the changes in the law in 2009 can someone confirm if I have this correct please. For example say I have the following balance on a credit card:
$100 at 0%
$100 at 10% interest
minimum interest is $2/mnth
minimum payment $25
I pay $100 that month. The first $2 goes to pay the interest, the rest of the $23 of the minimum payment can go wherever the CCC wants to apply it (obv they would choose the 0% APR). The other $75 must go to the 10% interest balance as per the CCA2009 .
So the new balnace would be
@$77 @ 0%
@$25 @ 10%
It depends:
If the 0% is a defferred interest deal, then it all has to go to the 10%, unless you are within 60 days of experiration then it all goes to deffered interest.
Not sure if it does not expire.
