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What is the legal CC interest rate in NY

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Hey there, its been a while since i posted but im back. In my previous post i was havin issues wth citi card i have finally got that under control. I finallt compleated my arrangements with them. They are now going to reopen my account

My major concern is they said my July payment has no interest but my August payment the interest rate is going to go up to 32% and then in September it is going to drop down to 14%. I was wondering if anyone knew the legal interest rate for CC's in NY because a friend of mine told me that she believes 32 % is illegal. Please advise.


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"In Marquette vs. First Omaha Service Corp., the Supreme Court ruled that a national bank could charge the highest interest rate allowed in their home state to customers living anywhere in the United States, including states with restrictive interest caps.

"It's whatever is agreed to in the contract," says Michael Donovan, a consumer attorney and partner at Donovan Searles in Philadelphia.

"They can export rates to other states and override state law limits."

When it comes to credit card interest rates, the law in a lender's home state rules. It doesn't matter what kind of rate cap exists in a customer's state."


If I recall, my Citibank card is based out of South Dakota.

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