gotrippedoff wrote:Like I said in my other post I got charged $30 interest for carrying a $1200 for just 4 days! What is the maximum credit card interest rate allowed by law because whatever happened on my account has got to be illegal. There is no way that $30 interest in 4 days for that amount is at a legal interest rate. That's almost $10 a day. If I carry it a year that would be around $3000 in interest on a $1200 balance. Tell me how that can be allowed by law.
Do you have your statement?
I don't know what's the cap for the APR, but you can take a look at the back of your statement and it will tell you how the interest is calculated. What I know is that is on daily balance. Also at the bottom of your statement you can see your rate and how is calculated.
Credit card interests can become outrageous, don't carry balances, you could end up paying them for the rest of your life.