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BankersOnline.com Forums State-Specific Compliance Issues Massachusetts credit card rates
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#99859 - 07/23/03 03:25 PM credit card rates
NIKO Offline
Junior Member
NIKO
Joined: Jul 2003
Posts: 26
MA
What is the maximum rate permitted by law (at MA state level and/or federal level) to be charged on consumer credit cards? Any help would be appreciated. Thanks.

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#99860 - 07/23/03 04:49 PM Re: credit card rates
NIKO Offline
Junior Member
NIKO
Joined: Jul 2003
Posts: 26
MA
According to MGL section 114B the max f/c allowed is 18%.

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#99861 - 07/23/03 08:34 PM Re: credit card rates
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
But be aware that an issuer of credit cards may import to Massachusetts the maximum rate permitted in the state where the issuer is domiciled.
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John S. Burnett
BankersOnline.com
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#99862 - 07/24/03 02:15 PM Re: credit card rates
NIKO Offline
Junior Member
NIKO
Joined: Jul 2003
Posts: 26
MA
Thank you.

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