19 Mar
Is there a limit to the interest rate on my credit card ?
Are there any caps or limits on what a credit card company can charge me ?
I have been wondering about this, and was hoping someone out there could help my answer this question.
It seems to me that there was a federal limit at one time.
If there is not a cap, I wonder what is the deciding factor for what a credit card company charges, and what would stop them from raising the rate on good payers to 100% per year… especially if the credit card company knew that the client could not afford to just pay the card off… the client would have to pay the interest… sounds pretty scary.
Mandrake