Credit Tips: Highest Credit Card Interest Rates

Posted On: December 1, 2005

Author: Frederick Poole
Posted: Wed Jun 30, 2004 8:28 pm
Post subject: Highest Credit Card Interest Rates
8/1/2002 12:15 am CDT

I’ve heard of people being charged an interest rate on their credit card balances as high as 29.9%. What is the upper limit on credit card interest rates? Doesn’t the Government have a set limit that card issuers can’t charge beyond like 32% or something?

Author: Jim
Posted: Wed Jun 30, 2004 8:28 pm
Post subject: Highest Credit Card Interest Rates

8/1/2002 12:37 am CDT

I’m not 100% certain about this, but I think there’s actually NO LIMIT on what card issuers can charge in terms of the APR. Maybe Misty knows for sure?

Author: mouse
Posted: Wed Jun 30, 2004 8:29 pm
Post subject: Highest Credit Card Interest Rates

8/1/2002 1:18 pm CDT

Parents got a 36%, it was advertised in small print 3%/month.

Real big print says 3%.

Author: Verne
Posted: Wed Jun 30, 2004 8:29 pm
Post subject: Highest Credit Card Interest Rates

8/1/2002 5:40 pm CDT
The interest rate limit depends on the state where the credit card company/bank does business. As far as I know there is still no federal usury law capping interest rates.

Some states,like New Hampshire, Delaware, and South Dakota have lender friendly laws that allow uncapped interest rates.

Arkansas is considered a consumer friendly state.

When credit card interest rates hit the mid 20’s in the early 80’s, Congress considered passing some form of usury legislation to cap interest rates. But since Congress represents the loansharks and not the indentured servants, this went nowhere.

In light of the Enron, Qwest, Chase Morgan and Worldcom scandals, Congress might be getting enough calls and mail to actually pass some meaningful legislation regarding the business/banking/lending community and throw the serfs a bone to keep them quiet.

But as long as special interest groups own our government, it doesn’t represent the people and the laws will reflect that.