cancel
Showing results for 
Search instead for 
Did you mean: 

Is There A Maximum Rate Creditors Can Charge?

Member

Is There A Maximum Rate Creditors Can Charge?

Hi,

 

Can't find the specific answer online so perhaps there is no maximum percentage rate they can charge for minimum monthly payment?

 

I have a few CC that in the past were maxed out at their $5000 limit.  Doing some research, the most I ever had in minimum monthly payments was $100 a month or 2% of total balance.  

 

My son that lives with me just maxed out at Gettington.com which is a online store like Fingerhut where they already sell merchandise and a considerable markup in price.

 

He has maxed out at his $2500 limit and his monthly payment is $150 which is 6%.  I'm sure this is legal or they wouldn't be doing it.  Just curious if there was a max or not.

 

I have tried to haggle rates in the past but never minimum monthly payment.  Is this something he can call and try to negotiate or is this something stuck in stone?

 

Thanks as always in advance.

 

 

Message 1 of 2
1 REPLY 1
Legendary Contributor

Re: Is There A Maximum Rate Creditors Can Charge?

Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.