10-27-2010, 12:49 AM
I found a summary of the changes here: http://www.defendyourdollars.org/CC%20su...5.2010.pdf. It appears they do have to apply payment amounts over the minimum payment to the highest interest rate. There is an exception for the end of a promotional period, the last two months are excluded from this rule and the payments go to paying off the lower interest rate balance. But some of the provisions are phased in, so not sure if this rule and its exception are in effect yet.
There is another exception caused by the credit card issuers not being allowed to change the conditions on credit extended before the law went into effect. That may be part of what you have seen with your payments.
There is another exception caused by the credit card issuers not being allowed to change the conditions on credit extended before the law went into effect. That may be part of what you have seen with your payments.