If I have two different finance charge percentages on a single card (for example 9% and 5%), which rate does my payments go towards first? The higher one or the lower one? THanks in advance.
Look in your cardmember agreement that came with the card. If you don't have it, one should be available on the card's website. In every case that I've seen, payments go toward the lowest interest balance first. Banks make more money this way, since the higher interest debt is last to be paid off.
