Credit Tips: What is the legal maximum APR credit card companies can charge?
Posted On: April 1, 2005
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Post subject: Highest credit card interest rate?
yvette
Date: 1/27/2001 2:42 am CDT
What is the highest interest rate you can be charged? Is interest rate and finance charge the same? If not what is the highest finance charge alowed?
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Eugene
Date: 1/27/2001 3:07 am CDT
What is the highest interest rate you can be charged?
http://boardserver.mycomputer.com/read.html?collapse=0&uid=539413&u=Fairterms&id=1846&loc=0&thread=1846&f=1&u=Fairterms
Is interest rate and finance charge the same?
No. Interest rate is a general thing that tells you something about the card and is expressed in %, finance charge is expressed in $ and shows how much you owe towards interest in this particular month on this particular card with this particular interest rate.
If not what is the highest finance charge alowed?
The highest is not limited. The lowest is. It means that even if you carry $0.01 balance, you will be charged minimum finance charge (most often 50 cents, check the terms for your number).
Eugene.
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Credit Tips: What is the legal maximum APR credit card companies can charge?
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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: intrest rates on credit cards
kc
Date: 12/28/2000 6:45 pm CDT
can someone please tell me how high credit cards companies can go on apr(finance charge) thank you
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Board Monitor- NK
Date: 12/28/2000 7:45 pm CDT
The highest APR I have ever seen is a 41.50% on the Aspire Visa card.
The sky is the limit on an APR, as long as they notify you per Federal Regulations. Most credit card companies have provisions written into their cardholder agreements that allow for the APR to rise automatically if you have late payments, so read the fine print carefully.
Kat
creditexpert.tripod.com/home.htm
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Mom
Date: 12/28/2000 7:48 pm CDT
Good Lord, 41.50% I could get better rates from the neighborhood loan shark!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
GEORGE
Date: 12/28/2000 8:20 pm CDT
THE LOAN SHARKS UNION SENT A LETTER TO THE BANK TELLING THEM THAT 41.50% IS TOO HIGH!!!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Linda in VA
Date: 12/28/2000 10:48 pm CDT
yeah really!! That should be illegal. I thought some of the states regulated interest rates.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Board Monitor-CS
Date: 12/29/2000 2:56 am CDT
Aspire is close the worst, but I once met someone who had a rate of 71.25% (Fixed!) with a bank (a local bank, can’t remember the name - she was New Castle I believe) in Delaware. Rates don’t get much higher than that. The funny thing was that she had a 720 FICO … wierd eh?
Take Care!
Casey L. Smith
cardrevolt.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Linda in VA
Date: 12/29/2000 10:41 am CDT
I’ll say!! Who needs it?? That’s insane.
Linda in VA
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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