What is the max APR that a credit card company can place?
2010-03-03 at 12:47 am adminWhat is the max APR that a credit card company can place on your credit card?
I thought congress passed a law on this?
Answer:Unfortunately for consumers, there is no maximum APR. For example, in mid-October 2009 First Premier Bank of Sioux Falls, South Dakota started offering a credit card with a 79.9% APR. South Dakota has no banking laws regarding maximum interest rates, which allows banks there to offer credit cards at whatever terms the market will bear.
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Bill
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Answer:Actually, I will vary depending on the home state in which their operations are run. For example, a lot of credit card companies are based in Deleware, where currently by State Law the maximum APR on a credit card is 29.99%V.
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Answer:unless its changed very recently its 34.99%
aweful i know…..
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