from Amazon
Friday, December 18, 2009
Who writes these laws (and why)?
non-sports!
I know nothing about this “new law,” but what kind of “consumer protection law” sets a cap on fees but not on interest rates? What is the point?
Typically, the First Premier card comes with a minimum of $256 in fees in the first year for a credit line of $250. Starting in February, however, a new law will cap such fees at 25 percent of a card’s credit line.
In a recent mailing for a preapproved card, First Premier lowers fees to just that limit — $75 in the first year for a credit line of $300. But the new law doesn’t set a cap on interest rates. Hence the 79.9 APR, up from the previous 9.9 percent.
Recent comments
Older comments
Page 1 of 344 pages 1 2 3 > Last »Complete Archive – By Category
Complete Archive – By Date