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Path: utzoo!watmath!clyde!cbosgd!ihnp4!ihlpa!snappy
From: snappy@ihlpa.UUCP (Schulpiet)
Newsgroups: net.legal,net.misc
Subject: Credit cards
Message-ID: <1216@ihlpa.UUCP>
Date: Fri, 21-Mar-86 17:11:28 EST
Article-I.D.: ihlpa.1216
Posted: Fri Mar 21 17:11:28 1986
Date-Received: Sat, 22-Mar-86 22:10:15 EST
Distribution: net
Organization: AT&T Bell Laboratories
Lines: 29
Xref: watmath net.legal:3150 net.misc:9397

Having just filled out an application
for "a bank credit card" I filled it
all out and then noticed the name
of a state "according to the laws
of this (named stated).  I tore
up the filled-out application as I
had been told by people native to that
state that there are no usury laws there.
In other words, the "bank" could charge
whatever they darned well pleased for
monies "loaned" to you for charging
different items. ...No law specifying
the maximum interest they can charge
a person, in other words, exists in
the "anonymous" state where the issuing
bank is located.

So beware of solicitors for your signature
on a charge application...looks so easy
and is so nice to carry one with you, but
the way the economy goes, who knows what
interest rates will be in a few years.
Because they're low now, doesn't mean
that they'll stay there.

Above for your information.

Marge
.