Legal Question in Consumer Law in Florida
Credit Card Interest Usurious Rates
When I originally applied for a VISA credit card, I did so from my local bank, which was chartered to operate under the laws of the State of Florida. Florida has a usury statute capping interest rates at an 18% max. Eventually, the bank sold its credit card division to a company headquartered in South Dakota or Delaware where there is no usury limitation. How can a cardgolder sue the issuing bank for exporting their card to a bank that is operating in a State with no usury limit?
Asked on 10/08/08, 9:16 am
1 Answer from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
Re: Credit Card Interest Usurious Rates
You can't.
If your agreement specifies a rate and they are exceeding it, then your remedy is with the Bank now issuing the card.
Change Cards.
Answered on 10/08/08, 9:36 am
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