Why Credit Card Companies Can Charge Such Usurious Rates

[gh]

(consider this your public-service announcement for the day)

http://sfgate.com/cgi-bin/article.cgi?f ... CJGA61.DTL

[EPelle]

Re: Why Credit Card Companies Can Charge Such Usurious Rates

As for Bank of America, which once hailed from San Francisco, the company is now based in North Carolina, where credit card interest rates by law can't exceed 18 percent.

BofA's cards, however, don't come from North Carolina. They come from Arizona, where interest rates are allowed to run as high as 36 percent.



Are they meaning, then, that wherevever the plastic was created is the law that governs the user:s fees?

[No Name]

Re: Why Credit Card Companies Can Charge Such Usurious Rates

Here's a profound thought to all those who are upset with high credit card fees and interest rates: pay your credit bills in full and on time. This will enable you to avoid fees and interest rates.

Pretty simple, huh? IF YOU WON'T BE ABLE TO PAY THE BILL, DON'T CHARGE IT TO THE CREDIT CARD. IT'S YOUR RESPONSIBILITY.

[EPelle]

Re: Why Credit Card Companies Can Charge Such Usurious Rates

That:s what we do here in SE... there is absolutely no reason to get a cc -- we save our money and buy with cash (or with bank card)... nothing but vehicle and/or house on credit.

[MDC]

Re: Why Credit Card Companies Can Charge Such Usurious Rates

There's a reason why these companies contribute so much to political parties (i.e., refer to new bankruptcy bill and cited state laws). If you read the fine print on notifications that change the terms of your credit card, you'll notice that you have the right to decline the changes in the terms and conditions, e.g., late fees, usury rates; they in turn have the right to discontinue your credit card the next time it expires. I especially like the rule that paying ANY bill late can affect your credit card rates. They play by the golden rule -- he with the gold makes the rules.

[No Name]

Re: Why Credit Card Companies Can Charge Such Usurious Rates

" I especially like the rule that paying ANY bill late can affect your credit card rates. They play by the golden rule -- he with the gold makes the rules."


That's why...you should pay your bills on time. In full.

[MJD]

Re: Why Credit Card Companies Can Charge Such Usurious Rates

Maybe they'll get it after you've said it twice No Name.

[No Name]

Re: Why Credit Card Companies Can Charge Such Usurious Rates

"Maybe they'll get it after you've said it twice No Name."


The funny thing is, if you study average credit card balance statistics for U.S. households, it seems that most Americans will never get it.

[MJD]

Re: Why Credit Card Companies Can Charge Such Usurious Rates

So, they want the nanny state to protect them from themselves. It's nauseating.

[No Name]

Re: Why Credit Card Companies Can Charge Such Usurious Rates

Agreed.