Credit card companies are out of control. They should not be able to apply payments to balances with lower interest rates when there are balances with higher rates on the same account. Customers should be able to apply their payments to whichever balance has the highest interest rate if they choose.

For example, Kerri and I have a 3.99% rate on one of our cards for balance transfers and 11.90% on purchases. Every time we make a payment, they apply more to the balance at 3.99% than they do the 11.90%, costing us more money in finance charges. Although it doesn't amount to very much cash, it still pisses me off. It's predatory, chicken-shit, and dishonest.

Bastards.

Labels: rant