Skip to main content
NY.gov Portal State Agency Listing

New York Vista
Business
Education
Family
Health
Law and Order
Consumer Info
Environment
Government
Housing
Transportation
Career / Employment
Licenses & Credentials
Recreation / Tourism
Tax Information
How Do I?
Open Meeting Webcasts
  Consumer Information > Consumer Services
  Related Links   

 

Question What is the maximum interest rate I can be charged by the bank issuing my credit card?

Answer 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.

Back More Info 
The New York Penal Law

The New York Penal Law Article 190, Section 190.40
URL: http://assembly.state.ny.us/cgi-bin/claws?law=82&art=45
Contact: Consumer Representative
Phone: 18005223330 or Fax: 2126186440

NYS Home Page | Accessibility | Contact Us | Privacy Policy | Disclaimer

cpv