Credit card rates

[Cheesy FL-Vol]

I just got a notification from Lowes Synchrony that they are adjusting their interest rates. My mind is boggled. I have consistently had a score well above 800 for several years. They are adjusting the rate to, I forget if it is, 32 or 33%. 

It doesn’t affect me since I pay cards in full every month. However, my first thought was, “didn’t they pass laws prohibiting interest greater than 30% a couple decades ago”?

[chiver78]

my regular rates are all a little nutty lately as well, but I'm not carrying balances on anything at a regular rate. of 9 cards* , I think 3 of them are over 20% including the daily use one. it's crazy.


*1 daily use, 3 promo balances, the rest are used and autopays for 1 regular bill each per month to keep them open for usage ratio optimization. 😉

[resolution]

My Citi card is at 19% with cash advances at 29.99%. Which cracks me up because the penalty rate is also 29.99%, so a cash advance is no different from a penalty at this point.

The usury laws are based on the state the credit card is issued from, not where the customer lives. Several states got rid of their usury laws to tempt big banks to set up their credit card issuance centers in their state.

[TheOtherMe]

My rates are from 14% on my credit union card to 30.99 for Kohls.  I pay them all of every month but it's incredible to watch the rates knowing that some people do pay them.