Credit Card Issue

[Bobtheicon]

I have 2 interest rates on my card.
2.99% for the life of the loan
0.00% until November 2011, then it jumps to 14.99%


The Balance on the 0% is much higher than the balance on the 2.99%

I figured if I pay X dollars per month, the 0.00% interest balance would be paid off by November 2011.

But I cannot make any payments toward the balance with the 0.00% interest rate until the 2.99% interest rate is paid off.

That sucks. I mean, I understand why this law was put into effect, but it seems like I should have some control as to where my money goes.

The work around is to just pay the minimum monthly payment (which applies to the 2.99%) and put what I wanted to pay toward the 0.00% balance in a savings account then pay it all off come November.

Stupid law. Now I gotta go open a savings account.

[Kramer]

An oldie for Bob



YouTube - steve miller band take the money and run

[tigerman19]

pretty sure if you contact them & tell them any additional payment over the minimum, you can direct where it goes.

[Bobtheicon]

Originally Posted by tigerman19

pretty sure if you contact them & tell them any additional payment over the minimum, you can direct where it goes.

You'd think so, but no.. it's a new federal law. They can't do that. I called them 5 times asking different people the same questions.

It is impossible to pay down the lower interest if you carry a higher interest balance.