All Credit Card Companies Informative - Consumer Friendly State Credit Card Laws - Avoid Predatory Charges - Discover Card, Visa and Mastercard
NATIONWIDE -- Here is a sampling of states with consumer-friendly credit card laws and guidelines. Remember, the rules apply to people using credit cards from issuers based in that state. The state laws do not apply to people using credit cards issued by a company based in another state.
Low interest rate
Arkansas: State law caps interest rate at 5 percent above the Federal Discount Rate at the time of the credit card contract. These super-low rates (currently 9½ percent) are reserved for people with excellent credit.
Caps on annual fees
North Carolina: $20
Extra time before late fees charged
Maine: A customer has 15 days past a bill's due date to get a payment to the issuer before a late fee is imposed.
Iowa: Iowa-based issuers give customers 10 days of leeway after the payment due date. Iowa law also caps late fees and over-the-limit fees at $15.
Extended notice of change in credit card terms Iowa: 60 days
Wisconsin: 90 days
Allows people to pay off balance at old rate when rate hike occurs
Gives consumers a comparative listing of credit card rates, fees and grace periods