What is a fixed rate credit card?

A fixed rate credit card is a type of credit card that offers a consistent interest rate throughout the period that the card is in use. This type of credit card is beneficial for those who prefer to know how much interest they will be paying upfront, rather than having to worry about the rate changing over time. In Montana, the Credit Card Law is designed to protect consumers from the fees and interest rates of a fixed rate credit card. The law states that the maximum interest rate credit card companies can charge on a fixed rate credit card is 18%. Any interest rate above this set maximum requires written consent from the consumer before it can be applied. Another significant part of the Credit Card Law is the "Truth in Lending" provision. This stipulates that any information about fees, interest rates, annual percentage rates (APRs), and other terms of use must be clearly laid out and explained to the consumer. This way, the consumer is able to make informed decisions about the type of credit card they are using. The Credit Card Law in Montana is designed to protect consumers from unfair or exorbitant fees and interest rates. A fixed rate credit card is a type of credit card that offers a consistent interest rate throughout the period that the card is in use. This way, consumers are able to know the exact amount of interest they will be charged upfront, while still being able to benefit from the perks of using a credit card.

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What is a fixed rate credit card?

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