Why your credit card bill comes from Sioux Falls
In February 1980, a broke state and a bank losing money on credit cards made a secret deal. South Dakota repealed its own interest-rate caps. Citibank moved its credit card operation to Sioux Falls. The Supreme Court later let every national bank do the same thing, anywhere, using whichever state's law was most favorable to it. Almost every American's credit card statement still traces back to that one 1980 decision.
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