Credit Card Interest Rates By State

archive
Posted: Thu Jan 13, 2005 3:07 pm
Post subject: Credit Card Interest Rates By State

Julie Mair
Date: 5/22/2000 5:52 pm CDT

Hope you can help. There is a state where all credit cards are limited to a
maximum interest rate, which is supposed to be quite reasonable. Do you
know which state that is? Also, does the maximum rate rule apply to all
cards issued by banks in that state, regardless of where the cardholder
resides? Thanks in advance for your help!

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archive
Posted: Thu Jan 13, 2005 3:07 pm
Post subject: Credit Card Interest Rates By State

Board Monitor
Date: 5/22/2000 6:28 pm CDT

Julie,

Thanks for your recent inquiry! I do know which state you are referring to, because it is the state where we are located...Arkansas! Arkansas usury laws limit credit card issuers to charging a maximum of 5% above the Federal Discount
Rate. The current Discount Rate is 6%. For more info., see our "About Us" page. You can find a list of cards that are issued in Arkansas by viewing our "Low Rate Report".

http://www.cardratings.org/rankings.html

To answer to the second part of your question...Arkansas banks do allow residents outside of Arkansas to apply. Please note, though, that Arkansas banks screen applicants very carefully. If you credit is poor or marginal, you will probably not be aappproved for a card.

Hope this helps!

Regards,
Jackie Hughes
Board Monitor
CardRatings.org