Big bank will be freed of cap on interest rates
The nation's 34th largest commercial bank will soon begin issuing its credit cards from Georgia, freeing itself of interest rate caps and fee restrictions in North Carolina.
BB&T Corp., the $28 billion-asset bank based in Winston-Salem, N.C., is changing the "state of issuance" of its credit card portfolio to Georgia from North Carolina.
Georgia has no ceiling on the interest rates banks charge for credit cards. North Carolina's usury statute caps interest rates on credit cards at 18 percent.
The Georgia Department of Banking & Finance approved BB&T's application to reserve the corporate moniker "BB&T Bancard Corp." …