Credit Cards Not Available in New York State

[matolen]

I was curious if anyone knew what occured that prevents applications of some credit cards (generally subprime it looks like) to be available in NYS?

Here is the thing.  I am rebuilding credit and so of course I have a few subprime cards in my wallet.   I have First Premier Aventium, but I couldn't apply for a just First Premier card (no big loss).  And, as a matter of fact, no one from NYS can apply for even an Aventium card.

I have 2 other cards from Mid America Bank & Trust, but several others issued by them are not available.

Is this because certain cards are considered too usurious by NY law?   

[core]

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@matolen wrote:
Is this because certain cards are considered too usurious by NY law?   

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That can't be it, because there's nothing stopping the lenders from simply offering different terms to NY residents that are compliant with whatever laws exist. It's likely a business decision on the part of the sub-prime lenders you speak of.

I once asked a similar question here, about why Barclays doesn't offer most cards in Iowa. A very helpful poster pointed out that there's supposedly a maximum late fee of $15 in Iowa. Because of that one tiny issue, Barclays doesn't want to play ball. That speaks volumes about where Barclays expects to get their profit.

But then they turned around and sent my mother in Iowa an invitation for the Black card. I guess an outrageous annual fee outweighs certain things. It's all just business decisions. They could play, they just don't want to.

[CreditCuriosity]

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@core wrote:

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@matolen wrote:
Is this because certain cards are considered too usurious by NY law?   

---

That can't be it, because there's nothing stopping the lenders from simply offering different terms to NY residents that are compliant with whatever laws exist. It's likely a business decision on the part of the sub-prime lenders you speak of.

I once asked a similar question here, about why Barclays doesn't offer most cards in Iowa. A very helpful poster pointed out that there's supposedly a maximum late fee of $15 in Iowa. Because of that one tiny issue, Barclays doesn't want to play ball. That speaks volumes about where Barclays expects to get their profit.

But then they turned around and sent my mother in Iowa an invitation for the Black card. I guess an outrageous annual fee outweighs certain things. It's all just business decisions. They could play, they just don't want to.

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^+1... Sounds pretty accurate to me and makes sense.. Aways wondered about the Iowa thing.. Now I know, that you..  Love learning new things.  So ya NY probably doesn't allow you to be gouged on awful fees, etc..

[Anonymous]

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@CreditCuriousity wrote:

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@core wrote:

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@matolen wrote:
Is this because certain cards are considered too usurious by NY law?   

---

That can't be it, because there's nothing stopping the lenders from simply offering different terms to NY residents that are compliant with whatever laws exist. It's likely a business decision on the part of the sub-prime lenders you speak of.

I once asked a similar question here, about why Barclays doesn't offer most cards in Iowa. A very helpful poster pointed out that there's supposedly a maximum late fee of $15 in Iowa. Because of that one tiny issue, Barclays doesn't want to play ball. That speaks volumes about where Barclays expects to get their profit.

But then they turned around and sent my mother in Iowa an invitation for the Black card. I guess an outrageous annual fee outweighs certain things. It's all just business decisions. They could play, they just don't want to.

---

^+1... Sounds pretty accurate to me and makes sense.. Aways wondered about the Iowa thing.. Now I know, that you..  Love learning new things.  So ya NY probably doesn't allow you to be gouged on awful fees, etc..

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That may be so, but it doesn't make up for their more recent (2013) non-CC related foul play to keep people "SAFE".

That's all i'll say about it.

[CreditCuriosity]

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@Anonymous wrote:

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@CreditCuriousity wrote:

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@core wrote:

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@matolen wrote:
Is this because certain cards are considered too usurious by NY law?   

---

That can't be it, because there's nothing stopping the lenders from simply offering different terms to NY residents that are compliant with whatever laws exist. It's likely a business decision on the part of the sub-prime lenders you speak of.

I once asked a similar question here, about why Barclays doesn't offer most cards in Iowa. A very helpful poster pointed out that there's supposedly a maximum late fee of $15 in Iowa. Because of that one tiny issue, Barclays doesn't want to play ball. That speaks volumes about where Barclays expects to get their profit.

But then they turned around and sent my mother in Iowa an invitation for the Black card. I guess an outrageous annual fee outweighs certain things. It's all just business decisions. They could play, they just don't want to.

---

^+1... Sounds pretty accurate to me and makes sense.. Aways wondered about the Iowa thing.. Now I know, that you..  Love learning new things.  So ya NY probably doesn't allow you to be gouged on awful fees, etc..

---

That may be so, but it doesn't make up for their more recent (2013) non-CC related foul play to keep people "SAFE".

That's all i'll say about it.

---

Lost me there, if you can't post on forum would love to hear about it by PM.  More big Gov't bs?

[Anonymous]

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@CreditCuriousity wrote:

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@Anonymous wrote:

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@CreditCuriousity wrote:

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@core wrote:

---

@matolen wrote:
Is this because certain cards are considered too usurious by NY law?   

---

That can't be it, because there's nothing stopping the lenders from simply offering different terms to NY residents that are compliant with whatever laws exist. It's likely a business decision on the part of the sub-prime lenders you speak of.

I once asked a similar question here, about why Barclays doesn't offer most cards in Iowa. A very helpful poster pointed out that there's supposedly a maximum late fee of $15 in Iowa. Because of that one tiny issue, Barclays doesn't want to play ball. That speaks volumes about where Barclays expects to get their profit.

But then they turned around and sent my mother in Iowa an invitation for the Black card. I guess an outrageous annual fee outweighs certain things. It's all just business decisions. They could play, they just don't want to.

---

^+1... Sounds pretty accurate to me and makes sense.. Aways wondered about the Iowa thing.. Now I know, that you..  Love learning new things.  So ya NY probably doesn't allow you to be gouged on awful fees, etc..

---

That may be so, but it doesn't make up for their more recent (2013) non-CC related foul play to keep people "SAFE".

That's all i'll say about it.

---

Lost me there, if you can't post on forum would love to hear about it by PM.  More big Gov't bs?

---

There's more than enough clues there to figure it out, but i'll oblige you via PM.

[CreditCuriosity]

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@Anonymous wrote:

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@CreditCuriousity wrote:

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@Anonymous wrote:

---

^+1... Sounds pretty accurate to me and makes sense.. Aways wondered about the Iowa thing.. Now I know, that you..  Love learning new things.  So ya NY probably doesn't allow you to be gouged on awful fees, etc..

---

That may be so, but it doesn't make up for their more recent (2013) non-CC related foul play to keep people "SAFE".

That's all i'll say about it.

---

Lost me there, if you can't post on forum would love to hear about it by PM.  More big Gov't bs?

---

There's more than enough clues there to figure it out, but i'll oblige you via PM.

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Thanks...   I was somewhat right... sending you a PM regarding something else cause I know you are interested in this subject.

[longtimelurker]

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@CreditCuriousity wrote:

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@core wrote:

---

@matolen wrote:
Is this because certain cards are considered too usurious by NY law?   

---

That can't be it, because there's nothing stopping the lenders from simply offering different terms to NY residents that are compliant with whatever laws exist. It's likely a business decision on the part of the sub-prime lenders you speak of.

I once asked a similar question here, about why Barclays doesn't offer most cards in Iowa. A very helpful poster pointed out that there's supposedly a maximum late fee of $15 in Iowa. Because of that one tiny issue, Barclays doesn't want to play ball. That speaks volumes about where Barclays expects to get their profit.

But then they turned around and sent my mother in Iowa an invitation for the Black card. I guess an outrageous annual fee outweighs certain things. It's all just business decisions. They could play, they just don't want to.

---

^+1... Sounds pretty accurate to me and makes sense.. Aways wondered about the Iowa thing.. Now I know, that you..  Love learning new things.  So ya NY probably doesn't allow you to be gouged on awful fees, etc..

---

Assuming I was told the truth (always a big assumption) it seems sometimes more innocent than that.    Golden One, which seems to be a fine card without evil fees, told me that they weren't allowed to offer their cards in various states, including MA.   I would guess (and just a guess) that in some cases lenders would have to file forms with various states proving compliance with state lending practices, and for some lenders, especially local CUs, the expected market vs cost may not be worth it.

[CreditCuriosity]

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@longtimelurker wrote:

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@CreditCuriousity wrote:

---

@core wrote:

---

@matolen wrote:
Is this because certain cards are considered too usurious by NY law?   

---

That can't be it, because there's nothing stopping the lenders from simply offering different terms to NY residents that are compliant with whatever laws exist. It's likely a business decision on the part of the sub-prime lenders you speak of.

I once asked a similar question here, about why Barclays doesn't offer most cards in Iowa. A very helpful poster pointed out that there's supposedly a maximum late fee of $15 in Iowa. Because of that one tiny issue, Barclays doesn't want to play ball. That speaks volumes about where Barclays expects to get their profit.

But then they turned around and sent my mother in Iowa an invitation for the Black card. I guess an outrageous annual fee outweighs certain things. It's all just business decisions. They could play, they just don't want to.

---

^+1... Sounds pretty accurate to me and makes sense.. Aways wondered about the Iowa thing.. Now I know, that you..  Love learning new things.  So ya NY probably doesn't allow you to be gouged on awful fees, etc..

---

Assuming I was told the truth (always a big assumption) it seems sometimes more innocent than that.    Golden One, which seems to be a fine card without evil fees, told me that they weren't allowed to offer their cards in various states, including MA.   I would guess (and just a guess) that in some cases lenders would have to file forms with various states proving compliance with state lending practices, and for some lenders, especially local CUs, the expected market vs cost may not be worth it.

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Yes this could very much be the case as well.  As Florida in the insurance business is a royal PITA.  All kinds of special hoops you have to jump through w/regards to this.  Different, but simliar in concept.  

[Anonymous]

Am I missing something here? The interest in their terms says 36%!