In many states, it is illegal to charge this much: Usury Laws by State 2024.
It’s considered usury.
How do banks get away with it?
Glad I don’t have any credit cards. Btw, the thread title is misleading. It’s in reference to RETAIL cards. Feel free to look up the difference…
Btw, I haven’t had a CC in almost 20 years.
I have 2 credit cards. But I couldn’t even tell you what the interest rate is. I use them for convenience, but pay the bill in full each month. And about once a year I go in and cash out my points, usually a few hundred dollars on each card.
I think what Nick posted in his thread topic title was misleading. Go figure… 
This only relates retail owned CC such as Target, Kohls, etc. Anyone owning the like are going to suck wind on their fees…
Agreed. Those are the worst cards to carry a balance on.
The article I posted says “Retail…” as the first word in its title and the word “Retail” appears in my post.
But why is it OK if it is retail? I don’t understand what you are saying. It’s still a loan that is charging more interest than usury laws permit in many states.
Wells Fargo’s Reflect VISA card (not a retail card) has an interest rate that is up to 29.49% for some customers, now.
Chase VISA (not a retail card) has raised its interest rates up to 29.24% for some customers.
Amex Blue Card (not a retail card) just raised their rates to 28.74% for customers with PERFECT REPAYMENT HISTORIES.