Credit Card Interest Rate Cap: Maximum 18% APR Limit
This bill establishes a maximum annual percentage rate (APR) for credit card debt, setting the limit at 18%. This cap includes all finance charges associated with the credit extension. The goal is to protect consumers from excessive debt costs, potentially leading to significant savings on interest payments for those carrying a balance.
Key points
The maximum interest rate (APR) on credit cards is capped at 18%.
This 18% limit must include all finance charges assessed by the card issuer.
The law prevents creditors from circumventing the cap by shifting costs to other non-finance fees.
Status:
Expired
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