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I found this out the other day when I called to complain and close out my cc. I mentioned to them that I live in the State of Florida and that we USED TO have usury laws which limited interest rates to 18%. The representative informed me that even though I live and work in Florida, the interest rate is based on the State in which the cc company has incorporated. In my case, the cc was issued from Delaware, (which I have noticed almost all the cc offers I get are from companies out of Delaware, btw), which has NO USURY LAWS!!!
An interesting fact should one be inclined to accept a cc offer...if it comes from Delaware, they can charge you whatever the hell they feel like it. Armed with this information, I have closed my cc from Delaware and am shopping for a locally issued card.
That is correct; the two states with the most lax business laws are Delaware and South Dakota. This makes them very attractive to the financial vultures out there who run credit card companies.
I lived in Delaware for years; I worked for one of the credit card issuers. They are a different breed of people, almost subhuman.
Environmentalists send their people, energy people send theirs, banking send theirs, churches send theirs, big business have people, small businesses have their, old people have theirs, its the way it is, and the flaw of our system.. Its called "special interest groups"..
...which is why we MUST DO AWAY with ANY AND ALL LOBBIES AND SPECIAL INTEREST GROUPS!!! This should NOT be an option, and I am sooo very upset that pre-election Obama had vowed to do away with Lobbying/lobbyists, and has NOT done so, and worse yet, has placed lobbyists in his Cabinet. This is one of the most compelling reasons I decided to vote for him.
The following is a partial, but eye-opening list of lobbyists and/or PACS in my previous neighborhood: FLORIDA DENTAL PAC; AIR LINE PILOTS ASSOC PAC; UNITED PARCEL SERVICE OF AMERICA INC PAC (UPSPAC); SOUTHERN WINE & SPIRITS PAC; OUTBACK STEAKHOUSE INC PAC; and Auto Zone, Inc PAC just to name a few.
Now, I ask you all, WHY on earth does Outback Steakhouse and Auto Zone need a frigging PAC???
That is correct; the two states with the most lax business laws are Delaware and South Dakota. This makes them very attractive to the financial vultures out there who run credit card companies.
I lived in Delaware for years; I worked for one of the credit card issuers. They are a different breed of people, almost subhuman.
subhuman is a word I use almost daily...unfortunately. It describes sooo many of the predatory beasts living in our society, from murderers to pedophiles to bank ceo's.
I give you one rep point for awesome use of word. lol.
I do think that any rise in an accounts interest rate should be restricted to new purchases, not current balances and would like to have seen something done about that issue.
As far as the suggestion of transferring a balance to a new card ....being given a high enough credit line right off the bat or even being accpeted....isn't as easy anymore.
Is anyone else as disturbed by this quote from the article as I am? "The banking industry, which had some heavy-weight representatives monitoring the vote off of the Senate floor, warned that an interest rate limit could cause a sour reaction in the financial markets."
WTF?! Flat out extortion!!!
We & Congress need to remember this next time they need a bailout
A good track record? You just said you were over your limit on occasion and late paying. Thats not a good track record..
Sure it is if you are normally on time. If you have a card for 10 years & then miss a payment, thats one out of 120. I think there should be room for people to be human.
Funny thing if uits based on actual credit worthyness is that while one is hiking up your rates because you are now a terrible risk after years of responsibility is that theres often pre approved offers in the same pile of mail.
Its a scam that works real good for the CC companies because they know you almost NEED a card in todays world.
Sure it is if you are normally on time. If you have a card for 10 years & then miss a payment, thats one out of 120. I think there should be room for people to be human.
Funny thing if uits based on actual credit worthyness is that while one is hiking up your rates because you are now a terrible risk after years of responsibility is that theres often pre approved offers in the same pile of mail.
Its a scam that works real good for the CC companies because they know you almost NEED a card in todays world.
there you go again, blaming the credit cards because you want to be human.
p.s. no, the scam doesnt work really good because nothing says you need THEIR credit card.. There are thousands and thousands of credit card companies out there. You dont want to pay yours on time, find a company that allows you to pay late..
I suggest limiting credit card interest to 15% regardless of current rates. If a bank cannot make a profit off 15% interest it should fail. I also eliminate the "loan to payday" sharks. Enforce the usury laws.
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PRECISELY, pghquest...
