Less than half of all U.S. states bother to cap credit card interest rates, and few credit card issuers are based in these states anyway.
Most major credit card issuers are based in states without usury laws and without interest rate caps on credit cards. Banks and credit card issuers based in these states can charge any interest rate they wish -- as long as the rate is listed in the cardholder agreement and the borrower agrees.
And thanks to Marquette vs. First Omaha Service Corp., a 1978 U.S. Supreme Court decision, these the-sky's-the-limit rate policies dominate the credit card business.
Establish a national cap to credit card interest rates, payday loans and short-term loans.