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Several banks, among them Bank of America and Chase, were inspired by Wilmington’s flexible laws to relocate at least their credit card companies to Wilmington. The ability to charge more interest meant that they could offer credit to less credit-worthy customers. Though big banks moved their credit card companies, the response was even greater than DuPont at first estimated. Many smaller banks also set up shop in Wilmington, to take advantage of being able to charge much higher interest rates, while paying lower taxes on their profits.

Since the enactment of liberal interest rate laws and low taxes, Wilmington has become one of the most attractive cities in the US to set up credit card companies. Other states and cities may have caps on interest charged, and in fact the US congress has even attempted to create lower interest rates, and cap fees and interest. This strategy has not worked, and Congress’ response was lukewarm at best, placing the interest cap at no more than 30%.

Today, there are several major credit card companies stationed in Wilmington. These include Bank of America, Chase, Barclays (which used to be Juniper), and ING Direct. A number of smaller credit card companies also have their home base in Delaware. What this means for the consumer, especially if you’re sifting through a lot of credit card offers, is that you’ll find numerous ones coming from Delaware. If you do decide to apply for a credit card that is from a company in Delaware, it’s important to read all fine print carefully. You may pay higher interest rates, especially if your credit is not solid. With the luxury of good credit, you may want to shop around for the best credit card offers, especially those from states with laws less likely to favor the credit card industry.

Source: Handbook of Consumer Finance Research by Jing J. Xiao

Regardless of the law your “right to contract” is protected which means if you agree to the terms and conditions of any credit card, you are liable for the consequences. No one is to blame but you if the credit company decides to change it’s terms and conditions, charge you a higher interest rate, demand you pay the balance in full, or report you to the credit bureau as being a bad risk.

Using the Bank of America credit card as an example, here are some important terms and conditions for which you are agreeing to when you accept any credit card offer in the mail.

DETAILS OF RATE, FEE, AND OTHER COST INFORMATION
As required by law, rates, fees, and other costs of this credit card offer are disclosed here. All account terms are governed by the Credit Card Agreement. Account and Agreement terms are not guaranteed for any period of time; all terms, including the APRs and fees, may change in accordance with the Agreement and applicable law. We may change them based on information in your credit report, market conditions, business strategies, or for any reason.

The APR you receive is determined based on your creditworthiness. Other APRs  Balance Transfers: 0% Introductory APR for the first 7 or 10 statement Closing Dates following the opening of your account for all Balance Transfers and Direct Deposits. The duration of the Introductory APR you receive is determined based on your creditworthiness. The Introductory APR will end sooner if your payment is late or the account balance is over the credit limit. After that, the Variable APR for any balances that were subject to the Introductory APR is between 10.99% and 19.99%, based on creditworthiness.

The Standard Variable APR for Balance
Transfers is between 10.99% and 19.99%, based on creditworthiness.

Cash Advances: Standard Variable APR is 24.24% for all Direct Deposits, Check Cash Advances, ATM Cash Advances, Bank Cash Advances, Overdraft Protection and Cash Equivalent transactions.

Default APR: Variable APR is 27.24% for all Purchase, Balance Transfer, and Cash Advance Balances if late or over limit.

Variable-Rate Information  Your APRs may vary. For each billing cycle, we determine each APR by adding a margin to the prevailing U.S. Prime Rate. The margin for the Standard Variable APR for Purchases and Balance Transfers is between 7.74% and 16.74%. The margin for the Standard Variable APR for Cash Advances is 20.99%. The margin for the Default APR is up to 23.99%. 

Grace Period for repayment of balance for Purchases
At least 25 days from the statement Closing Date (provided you fully paid your New Balance Total from the previous statement by its Payment Due Date).

Transaction fee for Purchases
Transaction fee for the purchase of wire transfers from a non-financial institution: 4% of each such transaction (minimum $10).

Foreign Transactions
Transaction Fee for any transaction made in a foreign currency and any transaction made in U.S. Dollars that is processed outside the United States: 3% of the U.S. Dollar amount of each such transaction. This fee will be in addition to any other applicable fee.

Fee for Balance Transfers and Direct Deposits that are subject to the Introductory APR: 3% of each such transaction (minimum $10).

Standard Balance Transfer Fee: 4% of each such transaction (minimum $10).

Standard Cash Advance Fees: Direct Deposits and Check Cash Advances: 4% of each such transaction (minimum $10).

ATM Cash Advances, Bank Cash Advances, and Cash Equivalent transactions: 4% of each such transaction (minimum $10).

Overdraft Protection Cash Advances (if enrolled): 3% of each such transaction (minimum $10).

Late Fee: Based on your balance as of the day the fee is assessed - $15 if $0 - $100; $29 if between $100.01 - $250; $39 if $250.01 or over.

Over limit Fee: $39.

If your account has balances with different APRs, payments are applied to the balance with the lowest APR before any payments are applied to balances with higher APRs. This means that balances with higher APRs are not reduced until balances with lower APRs have been paid off. Effective February 13, 2010, only the amount of your payment equal to the Total Minimum Payment Due will be allocated to the lowest APR balances first. Any amount of your payment that is greater than the Total Minimum Payment Due will be applied to balances with the highest APR.

1. The Introductory APR is effective upon the opening of your account and does not apply to Purchases or Cash Advances, other than Direct Deposits. When the Introductory APR ends, the Standard (non-introductory) Variable APR is calculated using the Variable-Rate Information and is applied to new and outstanding balances (consisting of Balance Transfers). If your payment is late or the account balance is over the credit limit, the Standard Variable APR will be applied to those balances as of the first day of the billing cycle in which the payment was late or the balance exceeded the credit limit. We reserve the right to change the APRs in our discretion including, for example, the margins.

2. When your minimum payment is either late (i.e., not received by 5 p.m., E.T., on its Payment Due Date), or the account balance is over the credit limit, on any two occasions within 12 consecutive months, we may increase each of your account's Standard Variable APRs up to the Variable Default APR. The Variable Default APR will be applied to all new and outstanding balances. APRs will be reduced a minimum of two percentage points, possibly as low as the previously applicable Standard Variable APR(s), after six consecutive months of making payments on time and not exceeding your credit limit.

3. The U.S. Prime Rate used to determine your APRs for each billing cycle is the highest rate appearing in The Wall Street Journal at any time within the immediately preceding three months. On August 31, 2009, the U.S. Prime Rate applicable using this formula was 3.25%.

4. The number of days between your statement Closing Date and your Payment Due Date (the grace period) may vary from one billing cycle to another.

5. We include Transaction Fees when computing finance charges. Incurring Transaction Fees results in an APR exceeding 0% for the billing statement on which those fees appear. The Daily Periodic Rate (DPR) will remain 0% for the accounts approved at the 0% Introductory APR as disclosed.

6. For purposes of the Introductory APR offer, the three checks accompanying the Guide to Benefits materials we send to you will also be treated as Balance Transfers if they post to your account before the Introductory APR ends. Any of these checks and Direct Deposits that post to your account after the Introductory APR ends will be Cash Advances with a 24.24% Standard Variable APR.

7. Cash Equivalent transactions are defined as money orders, foreign currency, and travelers checks from a non-financial institution, person to person money transfers, bets, lottery tickets, casino gaming chips and bail bonds.

AGREEMENT
By electronically transmitting this application, you agree to the conditions described below and to be bound by each of the terms of the Credit Card Agreement, including arbitration:

You have read the accompanying application, and everything you have stated is true. You are at least 18 years of age or you are at least 21 years of age if a permanent resident of Puerto Rico. You authorize FIA Card Services, N.A. (hereinafter “us” or “our”) to review your credit and employment histories and any other information in order to approve or decline this application, service your account, and manage our relationship with you. You consent to our sharing of information about you and your account with the organization, if any, endorsing this credit card program. You authorize us to share with others, to the extent permitted by law, such information and our credit experience with you. In addition, you may as a customer later indicate a preference to exempt your account from some of the information-sharing with other companies (“opt-out”). If you accept or use an account, you do so subject to the terms of this application, the “Details of Rate, Fee, and Other Cost Information” and the Credit Card Agreement (which includes an arbitration provision) as it may be amended; you also agree to pay all charges incurred under such terms. Any changes you make to the terms of this application will have no effect. 

You accept that on a periodic basis your account may be considered for automatic upgrade at our discretion. You consent to and authorize us, any of our affiliates, or our marketing associates to monitor and/or record any of your phone conversations with any of our representatives.

BALANCE TRANSFERS.
If the total amount you request exceeds your credit line, we may either send full or partial payment to your creditors in the order you provide them to us or we may send you Access Checks. Allow at least 2 weeks from account opening for processing. Continue paying each creditor until the transfer appears as a credit. Balance Transfers incur finance charges from the transaction date. The Standard Balance Transfer fee is 4% of the amount of the transaction (minimum $10). For Balance Transfers subject to the Introductory APR, the fee is 3% of each such transaction (minimum $10). If you have a dispute with a creditor and pay that balance by transferring it to your new account, you may lose certain dispute rights. Balance Transfers may not be used to pay off or pay down any account issued by FIA Card Services, N.A.

CREDIT PROTECTION PLUS TERMS AND CONDITIONS
Credit Protection Plus ("the Plan") is an optional product available on Your Bank of America credit card account.

The information contained in these disclosures is updated regularly, but may have changed since the last update.

Overdraft Protection Overdraft transfers to your Bank of America checking account from your credit card account will be Cash Advances under your Credit Card Agreement. Transfers will be subject to the terms of both your Credit Card Agreement and the account agreement(s) and disclosures governing your Bank of America checking account. If you link your Bank of America checking account to your credit card for Overdraft Protection, we will automatically transfer funds in multiples of $100 ($25 if you opened your checking account in Washington or Idaho; $50 if your checking account was opened as a Military Bank account before June 16, 2008) from your credit card account to cover any overdraft on your checking account, as long as your credit card account has sufficient available credit and you are not in default under your Credit Card Agreement. A fee of 3% of the amount transferred ($10 minimum) will apply and the cash advance will accrue interest at the APR stated in your Credit Card Agreement. If the available balance on your credit card account is insufficient to cover the amount required by the overdraft (in the multiple of funds stated above), we may advance the funds even if it causes your credit card account to exceed your credit limit. In that event, an over-the-credit-limit fee will be applied. In certain situations, the fees charged for using Overdraft Protection service linked to your credit card could be higher than the fee for an overdraft or insufficient funds (returned) item that otherwise would have been charged to your checking account. Linking Overdraft Protection from your Bank of America checking account to your credit card will end any Overdraft Protection connections to your Bank of America savings account.

Source: Terms and Conditions of BankAmericard Visa