New Credit Card law Act of 2009 Sec 104
You know that the credit card companies don't like this section of the new credit card law of 2009 because this along with several things was a principle way for keeping people so that they could not dig themselves out. Now if you make a payment more than the minimum they need to apply it to the highest interest rate portion of your credit card bill first.
The 2nd part was just a dastardly method to make people miss there payments really sneaky stuff that I am sure even a cheap us lawyer would spot a mile away. It seems like every time I go to pay my credit card bills that the website is down for website maintenance, we would like to see something that says that if the site is down for site maintenance with in 48 hours of someones due date that they be extended 48 hours additional time to pay . There a new proviso that I seem to remember that should come into effect with this law that you are not late until all most a month has passed beyond your due date. I will need to look that up again.
(Sec. 104) Revises requirements governing crediting of payments.
Requires a card issuer, upon receipt of payment, to apply amounts in excess of the minimum payment amount first to the balance bearing the highest rate of interest, and then to each successive balance bearing the next highest rate of interest, until the payment is exhausted.
Requires a creditor to allocate the entire amount paid in excess of the minimum payment to a balance on which interest is deferred during the last two billing cycles immediately preceding the expiration of the period during which interest is deferred.
Prohibits a card issuer from imposing any late fee or finance charge for a late payment if: (1) the issuer makes a material change in the mailing address, office, or procedures for handling cardholder payments; and (2) such change causes a material delay in the crediting of payment made during the 60-day period following the date on which such change took effect.
The 2nd part was just a dastardly method to make people miss there payments really sneaky stuff that I am sure even a cheap us lawyer would spot a mile away. It seems like every time I go to pay my credit card bills that the website is down for website maintenance, we would like to see something that says that if the site is down for site maintenance with in 48 hours of someones due date that they be extended 48 hours additional time to pay . There a new proviso that I seem to remember that should come into effect with this law that you are not late until all most a month has passed beyond your due date. I will need to look that up again.
(Sec. 104) Revises requirements governing crediting of payments.
Requires a card issuer, upon receipt of payment, to apply amounts in excess of the minimum payment amount first to the balance bearing the highest rate of interest, and then to each successive balance bearing the next highest rate of interest, until the payment is exhausted.
Requires a creditor to allocate the entire amount paid in excess of the minimum payment to a balance on which interest is deferred during the last two billing cycles immediately preceding the expiration of the period during which interest is deferred.
Prohibits a card issuer from imposing any late fee or finance charge for a late payment if: (1) the issuer makes a material change in the mailing address, office, or procedures for handling cardholder payments; and (2) such change causes a material delay in the crediting of payment made during the 60-day period following the date on which such change took effect.
posted by Chuck at
9:33 PM
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