Why aren’t some cards available to Wisconsin residents?

With varying state laws, certain banks and card issuers sometimes exercise the option to not offer certain products to residents of certain states across the country. Wisconsin, in particular has certain laws in place that some credit card companies may find cumbersome.   If a credit card decides that they are unwilling to comply with state law then their products won’t be offered in that state.

New Credit Card Reform Act enacted in 2009

The CARD act protects all consumers in the US.  This law is designed to protect consumers from credit card practices that many people have deemed unfair or overly aggressive. Consumers cannot be charged interest twice, nor can they be charged interest retroactively.  Under the CARD act credit card issuers are limited in the amounts of fees and penalties consumers can be charged on their credit card accounts.

Other Changes Under the Law

In addition to the CARD act, Wisconsin residents benefit from state law that prevents banks and card issuers from raising rates or changing terms of the credit card account during the first 12 months of the new card account.  In Wisconsin introductory rates must be clearly stated, and must meet the minimum 6 month duration requirements.

Another way Wisconsin law shields consumers from fees is by requiring that card issuers inform consumers if they will be exceeding their credit limit, and giving them the opportunity to reject the transaction rather than incur the over-the-limit charges and the penalty APRs that often kick in if the credit limit is exceeded. Consumers in Wisconsin are required to receive notification of how long it will take them to pay off their credit card if they only make the minimum payment on their accounts.  Usually making minimal payments will result in payments being drawn out over many years.