Is there a maximum on the APR (annual percentage rate) a credit card company can charge in the U.S.?
2006-09-18 05:01:21 · 4 answers · asked by Zim 3 in Business & Finance ➔ Credit
There was a Supreme Court case five or ten years ago which held that interest rates are governed by the laws of the state where the lender is located, regardless of where the borrower lives. Most states do not have usury laws. As you might guess, credit card companies locate in states with friendly laws. Two of the most common are Delaware and South Dakota.
I'd be willing to bet that there is no upper limit on the interest rate on your credit card.
2006-09-18 05:25:07 · answer #1 · answered by Adoptive Father 6 · 0⤊ 0⤋
Although I believe that over 21% is considered loan sharking, there are loopholes in this that allow some credit card companies to charge as much as 31% anualized interest.
2006-09-18 05:08:55 · answer #2 · answered by wizard8100@sbcglobal.net 5 · 0⤊ 0⤋
In some states there is no limit.
2006-09-18 07:15:05 · answer #3 · answered by Paul D 5 · 0⤊ 0⤋
when i started rebuilding i had a card for 29.99%. i used it and paid in full every month.
2006-09-18 06:32:04 · answer #4 · answered by bella_4624_19 4 · 0⤊ 0⤋