Carry a balance? Banks may be gaming your payments
Published 05/18/2010, Grand Forks Herald
The new credit card law, which took effect in February, specifies that any payments above the minimum must first be applied to the balance with the higher interest rate. The key phrase? "Above the minimum" That means minimum payments can still be applied to the lower rate balances. And that's exactly what the biggest credit card issuers are doing, including Capital One and Chase. Customers can't request that a payment be applied any differently.Word count: 429
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