I live in Michigan and have an Emerge Credit Card at a rate of 29.75% Is that rate legal? I spoke with the cc company and they said because they are not based in Michigan they don't have to follow any Michigan guidelines and that the 29.75% rate is perfectly legal. They won't even consider reducing it at all.
Emerge sucks, and they're not the only one with an APR that high, unfortunately. Since you're new here, you'll be reading a lot of stories about high APRs. If you can, pay whatever balance you have completely. If you need to use the card, pay it in full before the billing cycle date. This way, you're beating them at their own game - and using the card essentially for free. If you can, dump them now. If you're stuck with the card, at least build up a good tradeline with them. Eventually you'll qualify for better cards. Good luck!
Hubby got an offer the other day for ASPIRE. No yearly fees but the rate was 29.75 and if you were late the default rate was 35.9 !
Count your blessings and read the rest of what happens with eMerge. http://www.cardratings.com/cardreviewfr.html
