snappy@ihlpa.UUCP (Schulpiet) (03/22/86)
Having just filled out an application for "a bank credit card" I filled it all out and then noticed the name of a state "according to the laws of this (named stated). I tore up the filled-out application as I had been told by people native to that state that there are no usury laws there. In other words, the "bank" could charge whatever they darned well pleased for monies "loaned" to you for charging different items. ...No law specifying the maximum interest they can charge a person, in other words, exists in the "anonymous" state where the issuing bank is located. So beware of solicitors for your signature on a charge application...looks so easy and is so nice to carry one with you, but the way the economy goes, who knows what interest rates will be in a few years. Because they're low now, doesn't mean that they'll stay there. Above for your information. Marge .
ark@alice.UucP (Andrew Koenig) (03/24/86)
> Having just filled out an application > for "a bank credit card" I filled it > all out and then noticed the name > of a state "according to the laws > of this (named stated). I tore > up the filled-out application as I > had been told by people native to that > state that there are no usury laws there. > In other words, the "bank" could charge > whatever they darned well pleased for > monies "loaned" to you for charging > different items. ...No law specifying > the maximum interest they can charge > a person, in other words, exists in > the "anonymous" state where the issuing > bank is located. The alternative, of course, is to obtain a credit card in a state that has a statutory limit on interest charges. That way, when rates go up, the bank can simply cancel the card rather than lose money on it.
robertv@tekla.UUCP (Robert Vetter) (03/25/86)
In article <1216@ihlpa.UUCP> snappy@ihlpa.UUCP (Schulpiet) writes: > ... >In other words, the "bank" could charge >whatever they darned well pleased for >monies "loaned" to you for charging >different items. ... > >So beware of solicitors for your signature >on a charge application... > >Marge >. I recently was sent a GREAT offer in the mail. I could get a $1000 check simply by filling out the loan application. It was only after reading the fine print ("at 33% interest") that I wondered how great the offer was. Rob Vetter (503) 629-1291 [ihnp4, ucbvax, decvax, uw-beaver]!tektronix!tekla!robertv "Waste is a terrible thing to mind" - NRC (Well, they COULD have said it)