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Glossary and terms about credit cardsHome » Credit Card Glossary
Interest rate cap
An interest rate cap is a derivative in which the buyer receives payments at the end of each period in which the interest rate exceeds the agreed strike price. An interest rate cap is the maximum amount of interest that can be charged to a customer. Rate caps may be imposed by a credit card agreement, or by state or federal law. An example of a cap would be an agreement to receive a payment for each month the LIBOR rate exceeds 2.5%.