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Application of Credit Card Payments with multi APR's
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Posted by Something Stinks (24.147.48.55) on January 23, 2003 at 14:03:56:
My credit card charges an APR of about 20% for cash advance balances, 4% for transfer balances and 10% for purchases. Payments are applied 80% to the transfer balance and 20% to cash advance balance and 0% to purchases. However, I discovered that payments may be applied to the higher APR cash advance balance if you knew of an undocumented practices. This is not documented anywhere - not in the agreement, statements or web site. Obviously, every cardholder would exercise this option if aware of it.Does Truth in Lending apply?
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