Payment Allocation

Question 1

What does payment allocation mean on a direct deposit form?

Answer 1

Payment allocation on a direct deposit form refers to the automatic distribution of your deposits to one or more accounts.

You will need to fill out the accounts you want to fund and the percentages of your income that go to each account.

Question 2

What does Payment Allocation mean?

Answer 2

Payment Allocation is the term used to describe how your credit card company uses your payments to pay down your debt.

Question 3

What does the Credit CARD Act of 2010 protect you from?

Answer 3

It has rules regarding how your credit card company can distribute your payments across different APR balances.

Question 4

The Credit CARD Act of 2010 requires that _____ be applied to the highest APR balance?

Answer 4

Payments above the minimum payment

Question 5

Minimum payments will be applied to the ______ first?

Answer 5

Lowest APR balance

Question 6

It is recommended that you pay more than _____ of your credit card balance each month to take advantage of the new payment allocation rules?

Answer 6

15% of your credit card balance

Question 7

You should read the ____ of your business credit card agreement carefully to see if the old or new payment allocation still applies towards your business credit card?

Answer 7

Terms and conditions

Question 8

You should have a separate business credit card for all types of ____?

Answer 8

Balances

Balance transfers
Purchases
Cash Advances