2006-07-10 12:15:55 · 14 answers · asked by Anonymous in Business & Finance ➔ Credit
And the right answer is..
It depends on where the credit card company is incorporated !
You will find that the big credit card banks are all incorporated in either Delaware or South Dakota because those states have no usury laws. The finance charge can be as high as they want to make it and there is no penalty !!
For those banks that are not in those 2 states, the upper limit of what they can charge is based on the state law where the bank is based.
2006-07-10 13:00:04 · answer #1 · answered by SciFiDiva 2 · 1⤊ 0⤋
The interest limits are set by state laws. In Colorado, interest on revolving charge accounts has a maximum allowable interest charge of 1 3/4 percent per month or 21 percent per year. The creditor must give you credit for payments made during the month. There are many state with much higher interest and additional charges. Watch out and Good Luck !
2006-07-10 19:21:52 · answer #2 · answered by SpongebobRoundpants 5 · 0⤊ 0⤋
Credit card limits will vary from state to state, and also from country to country, in Canada for instance depending on which province you are in the rate can be 30 percent. In some U.S. states with hidden fees they can get up to 39 percent. So check the small print of your credit application. All the best.
2006-07-10 19:23:13 · answer #3 · answered by lifelines13 1 · 0⤊ 0⤋
Generally, there is no limit. You need to read the terms and conditions of the card, usually located on the back of the application, to get an idea of how dearly you'll pay for using any particular account. Oh, and you'll get charged interest on the interest that accrues, so don't ever let those balances get too high.
2006-07-10 19:19:57 · answer #4 · answered by Dennis M 1 · 0⤊ 0⤋
They can be pretty high - that is why you need to read all the small print before you apply for one. It could say "after 6 months, your rate will go up to...." and if you apply for that....well, not much you can do. We have horrible credit (because of a lot of bad things that happened to us) and we had to get a car (used) but the car loan was 24%!!!!!!
2006-07-10 19:18:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋
30-45 percent is the highest on credit cards depends what state you are in...
i think Washington state has the lowest not sure though
2006-07-10 19:18:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It depends on the State you live in I do know in SC it can be up to 24%
2006-07-10 19:20:58 · answer #7 · answered by webwench2005 3 · 0⤊ 0⤋
Just short of your total blood supply, but that's only because they've not yet worked out how to get that final drop.
2006-07-10 19:18:36 · answer #8 · answered by Anonymous · 0⤊ 0⤋
They charge all they can .
2006-07-10 19:19:03 · answer #9 · answered by Scott c 5 · 0⤊ 0⤋
Usury laws vary by state. so it depend on where you are.
2006-07-10 19:19:04 · answer #10 · answered by Homer J. Simpson 6 · 0⤊ 0⤋