What is the legal maximum APR credit card companies can charge?

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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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