http://www.creditcards.com/credit-card-news/credit-card-law-interactive-1282.php
Feb. 22, 2010 the new fair credit card laws take effect. This includes the limitation to lenders ability to penalize late payments with a exorbitant rate increase and requires that lenders apply payments to the highest interest bearing debt first. Ie: cash advances or purchases balances must have payment applied to them before the lower rate purchase balances. Have you checked your statements or new “terms of credit” pamphlets to see if your lender is on board with these changes? I did. And Citibank’s response to my queries was “no comment”. Suddenly I don’t feel so confident that they will be adhering to the letter of the law.