When paying a credit card can I first apply payment to the balance (from cash adv) with the higher interest?
Since I am being charged more for the portion of my credit bill from a cash advance, when I make a payment I would like to allocate my payments to pay off the higher interest portion of my credit card balance first. Is that possible.
Sadly it’s not. That’s how credit cards are tricky. Your best bet would be to pay that card off as quickly as possible and then not use your credit cards for cash advances. If you have the ability to balance transfer to another card, that would get your balance at a lower interest.
No. Your card T&C explains how payments are applied.
Probably. I obviously haven’t read your account agreement, so this will be a general answer. Most creditors apply your payment to interest, fees, then low interest balances them high interest balances and they disclose this in the agreement. Most give you the right to specify a different allocation, but require you to send in a letter with each payment saying how you want it applied. The procedure should be in your account agreement or call customer service.
Nope, not like a loan or a mortgage, where you can allocate payments for interest and principle. You will just have to pay this bill down, and avoid making cash advances, they are too costly.