Originally Posted by
garykung
Wrong.
Credit CARD Act prohibits such practice. Instead, payment must apply to the balance with the HIGHEST interest rate.
https://www.ftc.gov/sites/default/fi...l-111-24_0.pdf
It does prohibit that but the minimum payment (varies with each bank) can go wherever the bank wishes beyond the incurred interest that they receive monthly. At least that is what I get from Section 164 from the above link.