• Federal regulations define credit card payment procedures.credit card and hand image by Warren Millar from Fotolia.com
  
  Although there were a few regulations that required credit card companies to follow loose requirements when processing payments, it wasn't until the passage of the 2009 Credit Card Accountability, Responsibility and Disclosure Act, or CARD, that many facets of the credit card payment process became regulated by the federal government. Since the passage of CARD, banks that issue credit cards must now receive and handle consumers' payments in a uniform manner.
  
  

Acceptance of Payment

• Payments must be credited to an account on the day in which they're received. Credit card companies are obligated to accept payments from customers through 5 p.m. each day. Any payment made by check, money transfer or other identifiable method must be applied to the balance. This provision prevents credit card issuers from receiving payments and avoiding processing them until after the due date so as to trigger late-payment fees from consumers.
  
  

Payments Apply to Highest Interest Rates First

• When a consumer carries a balance on a credit card that has multiple interest rates, anything paid above the minimum payment must be applied to the portion of the principal with the highest interest rate first. This requirement allows consumers to pay down the most expensive balances first, as they would if paying multiple cards' balances with different interest rates.
  
  

Window for Payment

• Consumers must have at least 21 days from the date invoices were issued or place in the mail to make their payments on time. Bills are also required to arrive to consumers on the same day of each month. CARD also eliminates due dates on weekends and holidays, mandating that payments due on those days must have their due date extended to the next following workday at 5 p.m.
  
  

Limits on Interest Rate Increases Caused By Late Payment

• In the past, consumers who make a payment behind schedule were subject to rate increases on their entire credit card balance. CARD bars retroactive interest-rate increases triggered by late payments unless the payment is made more than 60 days behind schedule.
  
  

Payments Must Be Immediately Applied to Interest Calculations

• In the past, "double-cycle" billing allowed credit card companies to charge interest payments based upon the preceding month's balance. CARD requires that credit card issuers apply all payments to balances before they calculate interest rate payments. For consumers, this means your payments will immediately adjust the amount of interest you owe.