Galilee
Posts: 50
Joined: 4/22/2005
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I am SO livid right now. I hope someone has some information I can look at to confirm this.
I am pretty up on the Credit Card laws. One thing I have always told people (and taken advantage of) is that payments over the minimum payment get allocated to the highest interest balances first.
So, if you have a $5,000 purchase balance at 10% , and a $1,000 cash advance balance at 23%, and your minimum payment is $100, and you pay $1,100, the $1,000 extra will pay off the 23% cash advance. It's pretty simple, right?
Apparently, Wells Fargo says not.
They tell me that Business Accounts are different than Consumer Accounts, and that they can allocate payments any way they want to.
That has to be wrong. I sure hope it's wrong. Can anyone corfirm what the correct answer is? I paid an extra $2,200 last month (on top of the minimum payment) as a test, but they paid the lower interest balance down instead of the higher one.
Help!
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