Is there a maximum interest rate that can be imposed on a credit card.....?
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For example: I have a store credit card that charges me 26% interest and another that charges only 12%. I have always thought that stores could not charge more that 21%.
Is there a maximum interest rate that can be imposed on a credit card.....?You ever wonder why the credit card companies are all based out of Delaware? It鈥檚 because that state has no law capping interest rates, so they can charge you 50% interest if they wanted. even if you get the store card in a state that caps it, if the company is based else wear , the company gets to charge the interest rates for that state. There is no federal law prohibiting it either, or one that caps it either, but they were are trying to pass one that cap鈥檚 it at 30% last year, but it failed. store cards, and gas cards, in general, almost always have rates that go into the 20's or higher
http://www.bankrate.com/brm/news/cc/2002...
http://www.pbs.org/wgbh/pages/frontline/...
http://www.senate.gov/legislative/LIS/ro...
Is there a maximum interest rate that can be imposed on a credit card.....?As long as it is a private company, it can charge whatever they wish. And it is your right not to use or carry that card. Capitalism.
Is there a maximum interest rate that can be imposed on a credit card.....?the interest rate laws vary from city to city,.a fixed rate is not the law,.
good luck,.shop around for better,..,
Is there a maximum interest rate that can be imposed on a credit card.....?More Related Questions and Answers ...
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