Legal Question in Credit and Debt Law in Florida

Re: 12 months interest free sales

Credit cards are generally governed by the Federal Reserve. I remember the Fed coming out with some new regs recently, and I think they might have come out with something pertaining to payment allocation, but I can't quite remember what it was.

However, it is important to distinguish between credit card issuers and traditional charge accounts with department stores. Running a line of credit with a department store is far less regulated than the more modern, and common, MasterCard/Visa cards issued by national lenders. The primary governance for department store accounts is the credit agreement. A portion of that agreement covers payment hierarchy (what gets paid on first, then next, etc.). Pull out your credit agreement and see if they have breached their own contract. If so, then you might just have a class action on your hands. If so, give me a call.

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