Hi Terry! I love watching your segments on WGN. I have a CC with a purchase finance charge at 13% and an additional 26% cash finance charge. The bank has been applying the minimum payments to the purchase balance (of course!). Now I want to pay down the cash balance but they say no. Do I have any legal recourse to make them accept my payments for the cash balance? Would appreciate any advice here. Thank you!!
Terry Says: You must be getting something wrong in translation here. There is no prohibition against paying extra in cash at any time. Your problem is that you keep using the card to charge more — and a new cycle is triggered each time you make a purchase. Put that card away! Pay down as much as you can every month — at least paying the minimum. If you have cash in savings earning practically nothing it would be a good idea to pay the entire balance off and then cancel the card!