Discover Credit Card Complaint

Discover Credit card department,

Balance transfer Colorado

My understanding of the current laws with regards to applying payments to credit cards is as follows - Any payment amount left over after the minimum payment is applied must go toward the highest interest rate.The minimum payment itself typically goes to the balance with the lowest interest rate. Any excess of the minimum payment is applied to the highest interest rate. There is - exception to the CARD Act 's excess payment rule : If you buy something under a delayed interest plan - such as no interest if paid in full in six months '' offer - then you can choose to apply your excess payment to that balance instead of the balance with the highest interest rate, so you can take advantage of the deferred interest. Otherwise, the credit card company is required to apply the - payments before the delayed interest period ends to the delayed interest balance, in their entirety. If this is correct, I have recently had an issue with Discover Card. As I have a deferred interest offer that is expiring on -/-/-. I also had a balance at a


expiring in - - not the balance expiring in - -. I have both spoken to them and have written them and this is their response. With your payments, we generally apply any amount that exceeds the minimum payment due toward balances subject to higher Annual Percentage Rates ( APR 's ) before balances having lower rates as of the date we credit your payment. Payments are applied at our discretion, including in a manner most favorable or convenient for us. In all cases, we will apply payments and credits as required by applicable law. We regret to inform you we are not able to move the payment to the 0 % APR. Based on my understanding, this is against the law. If you could help me clarify, that would be great!