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TJ, Esq.
TJ, Esq., Attorney
Category: Consumer Protection Law
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whats the maximum interest rate allowed my NC law

Resolved Question:

whats the maximum interest rate allowed my NC law
Submitted: 7 years ago.
Category: Consumer Protection Law
Expert:  TJ, Esq. replied 7 years ago.

Hello and thank you for allowing me the opportunity to assist you.

Question: “What id the maximum credit card interest rate allowed by NC law”

Answer: As shocking as it may sound, there is no limit. Credit card companies are specifically excluded from usury laws, and even if they weren’t, such laws would not be enforceable against the credit card companies because of a Supreme Court case from 1978 where the Court ruled that a national bank may charge interest on any loan at the rate allowed by the laws of the State where the bank is chartered. As you can imagine, banks are purposely chartered in States where there is no limit. To that extent, it doesn’t matter what NC law states.

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