What is the details of the on third payment of balance to avoid finance charges in some states including NJ
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What is the details of the on third payment of balance to avoid finance charges in some states including NJ
On the back of some credit card statements I have noticed the statement that in some states (NJ is one) that I can avoid finance charges if the larger of one third of the balance due or $50 is paid. Exactly what are the provisions of this rule?
Asked on July 5, 2009 under Business Law, New Jersey
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
You need to inquire with the agency who handles the credit card company. Meaning most credit card companies are banks so usually the agency who handles that bank will be able to help you. Remember, the credit cards are usually by rule of the state wherein the credit card office is --- usually places like Delaware or Nevada where there are no limits on finance charge limits.
Try www.occ.gov (Office of the Comptroller of the Currency) or www.ots.gov (Office of Thrift Supervision).
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