Savings Account & MMA Rates
CD (Certificate of Deposit) RatesA Bankaholic reader says her Citibank credit card recently offered to let her pay 1.99% APR on balance transfers through August 2011.
Sounded 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.
(5 votes, average: 4.20 out of 5)
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