Friday, December 09, 2005

Credit Card Interest Rates has very helpful information on their site about the rates that credit cards can charge. In Usury Laws Offer Little Protection for Credit Card Holders, they say, in part, "It's a popular misconception that state usury laws protect borrowers from high interest rates on their credit card debt." "There are 26 states that have no limit on what bank credit card issuers can charge for interest rates, according to the American Bankers Association. Issuers in 27 states have no limit on what they can charge for annual fees. California, Delaware, South Dakota and Tennessee are among the states offering the least protection. These four states currently have no maximums on the following: delinquency fees, cash advance fees, over-the-limit fees, transaction fees, stop payment fees, ATM fees, mandatory grace period." Their Credit Card Fees and Penalties FAQ is also full of clear, concise information on the topic. More information on usury laws and interest rates is available at Law About Interest Rates.