I agree: 32% APR is usurious, but it's not the "maximum allowable by law." National banks are governed by federal regulations and thus are exempt from state usury laws. In addition, the maximum interest rate allowable by law is that of the state in which the issuing bank is located.
Ever wonder why they are located in South Dakota (Citibank), Nevada (WaMu/Providian), Arizona (the original Bank of America), Delaware (MBNA-Bank of America, Discover, and Chase)?
Some credit cards now have default rates of 40+% APR.
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