Some words about credit card interest rates
In America there is now no federal law about interest rates on credit cards. There used to be such a law, but during the Great Depression it was eliminated and was never put back. States regulate this matter themselves.
So, banks and companies have their headquarters in states where there is no cap on interest rate.
They are for example Utah (American Express), Arizona (Bank of America). This allows issuers to fix any rates. And even if you live in a state where there is a cap on interest, your bank dictates terms.
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