Discover 3Q profit slips, but card use rises
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Sorting out Credit Card Payment Splits When Deferred Interest Involved
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Dear Credit Care,

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. Thank you. 

–¬†Lori

Dear Lori,

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 the date of purchase.) So if you have any other balances on your card and also a deferred interest balance, the CARD Act states that the card issue…………… continues on Fox Business

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