NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133BQ Application of payment against last statement balance, with higher interest debts to be discharged first
NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133BQ
Application of payment against last statement balance, with higher interest debts to be discharged first(1) Subject to subsection (2), the licensee must apply the relevant payment (or any part of the relevant payment remaining after complying with section 133BP) against so much as remains owing of the closing balance shown in the last statement of account for the credit card contract that the licensee gave the consumer before the relevant payment was made.
(2) If different annual percentage rates apply to different
parts of that closing balance, the licensee must apply the relevant payment
(or any remaining part of the payment) first to the part of that balance to
which the highest rate applies, next to the part of that balance to which the
next highest rate applies, and so on.