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For example, if you have a card with a $5,000 balance transfer limit and a 3 percent balance transfer fee, the most you’ll be able to transfer is about $4,850.
“Credit card interest is very high at present, with rates from 18 percent to as high as 27 percent. Banks are allowed to charge high interest because credit card charges are unsecured loans.
2. Assuming you can transfer all of your debt to one card. When transferring debt to a new balance transfer card, keep in mind you may not receive a high enough credit limit to wipe it out completely.
The Choice logo, introduced in 1980, appeared in white on the solid dark blue card, as well as on merchant acceptance signs. Choice was a credit card test marketed by Citibank in the United States, announced in 1977, and first issued in 1978. It was one of the first cards to offer a cash refund program, and no annual fee.
Interest rates vary widely. Some credit card loans are secured by real estate, and can be as low as 6 to 12% in the U.S. (2005). [citation needed] Typical credit cards have interest rates between 7 and 36% in the U.S., depending largely upon the bank's risk evaluation methods and the borrower's credit history.
In 1981, Citibank chartered a South Dakota subsidiary to take advantage of new laws that raised the state's maximum permissible interest rate on loans to 25% (then the highest in the nation). In many other states, usury laws prevented banks from charging interest that aligned with the extremely high costs of lending money in the late 1970s and ...
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Smiley v. Citibank, 517 U.S. 735 (1996), is a U.S. Supreme Court decision upholding a regulation of the Comptroller of Currency which included credit card late fees and other penalties within the definition of interest and thus prevented individual states from limiting them when charged by nationally-chartered banks.