No. of Recommendations: 4
Check on the applicable state usury limit.
per http://www.lectlaw.com/files/ban02.htm
the max in R.I. (from your profile) is 21%
(24% would be illegal). A bank operating in
Ct seems to be limited to 12% per that same page.


Most of the banks are chartered in Delaware or South Dakota, and those states do not have usury laws. They operate under the laws of their charter, not the state where the credit card is.

Nancy

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