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Credit Card Accountability Responsibility and Disclosure

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Two Balance Transfers Means Payment Dilemma

Dear Let's Talk Credit,This concerns a major bank credit card. I wrote a balance transfer check in June 2012. I then wrote another balance transfer check in March 2013. The APR for both is 0% for the first 12 months. I calculated my payments so I would pay off these balances before there would be any interest charges, I thought. It turns out that the card issuer is distributing the payments equally on both transfers. This means that my older transfer will not be paid off before 12 months is up. Why can't the card issuer apply my payment to the older balance that has the same APR? There was no balance on the card before I did the transfers. I make monthly payments that are greater than the minimum. Thank you.- GaryDear Gary,The Credit Card Accountability Responsibility and Disclosure Act of 2009 specifies how card issuers must apply payments made on their credit card accounts. Unfortunately, no rule applies for how payments must be applied for balances with the same interest rate.The Ac...

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