Interest rate on credit card?

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lostdreamer23

Joined: 09 Feb 2007
lostdreamer23's page
Posts: 2

85 Magic Points

Subject: Interest rate on credit card?

Fri Feb 09, 2007 7:27 am

Is it legal for a credit card to raise it's interest rate to 30%?

I missed two payments and I've NEVER seen an interest rate this high.

moris6457
Guest

Sat Feb 10, 2007 3:21 am

Actually what is happening is that credit-card issuers are always looking for any kind of change that could justify saying you're a higher credit risk. It helps them in imposing a higher penalty rate.

Rates and fees have been rising since a court ruling abolished credit-card interest-rate limits in 1978, and another ruling in 1996 struck down a limit on fees.

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