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Repayment rates...
N20Y1D
Posts: 2,061
Forumite
in Credit cards
I'm sure i read recently that there was going to be a change to the law in relation to credit card repayments but i cant seem to find anything.
I thought i read that the new law would mean all payments made would go towards reducing the amount that was being charged at the highest apr first? Where as at the moment any payment made only reduces the amount being charged at the lowest rate?
Did i dream this?
I thought i read that the new law would mean all payments made would go towards reducing the amount that was being charged at the highest apr first? Where as at the moment any payment made only reduces the amount being charged at the lowest rate?
Did i dream this?
TESCO EVERY LITTLE change to the t&cs HELPS
0
Comments
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No you didn't dream it, the new rules come into force from 01/01/11, though MBNA have already started the ball rolling as from 01/09/10.
Phew, glad im not going mad.
So this would apply to existing accounts or would it only apply to new ones?
Only i have 0% on barclaycard for the next 13 months, but im about to do a balance transfer at 6.9% for the lifetime..TESCO EVERY LITTLE change to the t&cs HELPS0
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