Credit care: Credit-card payments must apply to highest-rate balance
News from Arizona Daily Star:

2012-09-30T00:00:00Z 2012-09-28T07:33:48Z Credit care: Credit-card payments must apply to highest-rate balanceTanisha Warner Arizona Daily Star

Q: I asked my credit card issuer to apply a large overpayment to a promotional-offer balance that was about to expire instead of to my current higher-interest balance and was told it was illegal for them to do that. Is this true? Incidentally, when the promotional offer expires, that interest rate will be higher than the current high-interest balance.

A: The Credit Card Accountability, Responsibility and Disclosure Act of 2009 does include a provision that requires card issuers to apply payment amounts above the minimum amount due to the balance with the highest interest rate. The only exception to this rule is for deferred interest rate programs. A deferred interest rate program is typically advertised as “same as cash” by card issuers. If you pay off the entire balance before the deferred interest rate period ends, you are not charged any interest. (As a warning, if you don’t pay off the balance before the deferred interest period ends, you are charged interest from th…………… continues on Arizona Daily Star

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Bill of almost £80000 run up on police credit card
News from The Northern Echo:

Bill of almost £80,000 run up on police credit card

ARRESTED: Joe McCarthy

A FORMER police chief executive ran up a bill of nearly £80,000 on his corporate credit card, it has been revealed.

Joe McCarthy, former chief executive of Cleveland Police Authority who is currently under investigation as part of a corruption inquiry, clocked up the bill over four years, including shopping at a French supermarket and a £1,500 payment to a company specialising in luxury car audio systems.

The taxpayer-funded credit card was also used to pay for more than £8,000-worth of pub and restaurant bills, more than £16,000 on hotel stays and more than £9,000 for flights.

It was also used to pay phone bills and for spending at a golf club, a florists, a jewellers and Swedish furniture store Ikea.

The £79,439.85 credit card bill, which came to light following a request under the Freedom of Information Act, is among the issues being probed as part of Operation Sacristy, the lengthy investigation into allegations of corruption at Cleveland Police Authority which…………… continues on The Northern Echo

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