bank rates

Is Citi Evading The Credit CARD Act Again?

A Bankaholic reader says her Citibank credit card recently offered to let her pay 1.99% APR on balance transfers through August 2011.

CitibankSounded like a pretty good deal.

But something in the fine print made her hesitate: “Payments are allocated to pay off lower APR balances before higher balances.”

Wait a minute, she thought.

Doesn’t the Credit Card Accountability, Responsibility and Disclosure Act require payments in excess of the minimum payment to be applied to higher APR balances first?

Indeed it does.

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