What is the maximum interest rate I can be charged by the bank issuing my credit card?
Generally, the rate that may be charged is the rate permitted in the Bank's home state. This is determined by either the State Banking Department which has chartered the bank or it is specified in that state's statutory code. A New York State-chartered bank may charge whatever interest rate the bank and the customer agree to; as a practical matter, however, the maximum rate is 25%, the criminal usury rate.
The New York Penal Law
The New York Penal Law Article 190, Section 190.40
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