I just looked at my CC and found that the interest rate on the card is 70.45%.

What's going on?

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Originally Posted by KeepItSimpleStupid

I just looked at my CC and found that the interest rate on the card is 70.45%.

What's going on?

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In "most" (don't you hate that word - ?) States there is a maximum rate of interest which can be charged. About that it's usury and illegal.

EXCEPT for Federally chartered banks which can do what they want.

Unless it's a misprint this is chilling.

>Moved from Economics to Credit<

What the hell.
Did you know of this rate before you received the card or was it "taylored" to you personally ?

Looking at the bill again I see Annual Percentage Rate 70.45% in bold, but in these boxes I see a finance charge of $2.00 in bold and a new balance of $8.00 in bold. So, I don't know what is going on. I paid the wrong amount due. $40.26 rather than $46.26, so I was $6.00 short.

I also see Daily Periodic rate of .05753% and see the corresponding APR of 21%

Something seems fishy.

Where you late on a few payments? The more payments you are late on, the higher the rate goes up.

A lot of CCC are rate jacking due to the current economy. If you are late on any payments that show on your credit report, they can rate jack you. I believe the term to look for in your fine print is "universal default".

I know I had one ( cancelled) they claim they did not get the payment in time, guess mailing it two weeks before due date took too long. They jumped my interest almost 4 times the current rate. That card was cut up the day that bill came in.

I guess the fine print doesn't make any sense to me. It's not in Legal-ease.