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Credit Card Accountability, Responsibility, and Disclosure Act of 2009


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Application of Credit Card Payments & Payment Due Dates

Payments Must Be Processed on the Day They're Received

Any payment received by 5:00 p.m. on the due date is considered on time. Your payment due date should be the same day each month. If your payment due date falls on a holiday, weekend, or another day your card issuer doesn't accept payments, your payment can be processed on the next business day without any late payment penalty.

If a card issuer accepts payments at a local branch, any payment received at the local branch should be processed on that day.

Above-Minimum Payments Should Be Allocated Fairly

Payments above the minimum should be applied to the highest interest rate balance first, followed by the next highest interest rate, except in the case of a balance with deferred interest. If you have a balance deferred interest, the entire payment will go toward that balance in the last two billing cycles of the promotion.

No Late Fee For Card Issuer Changes

You cannot be charged a late fee if your payment was not processed because your credit card issuer made a change to its mailing address or payment processing procedures. This applies to payments received for up to 60 days after these changes became effective.

No Fee For Method of Payment

Credit card issuers cannot charge a fee based on your payment method unless you have requested an expedited payment that must be handed by a customer service representative.

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