Credit card being offered to people with bad or no credit at 79.99% interest rate

[PinkOwl]

If you get an offer from First Premier bank for a credit card, don't take it. They charge you many, many fees which won't be listed in the letter or brochure, but in the tiny fine print, and according to the following article, 79.99% interest:

People have been complaining a lot lately about higher interest rates on their credit cards.

Cards that used to be six or seven percent are now topping out at 14 percent or 18 percent.

But that's nothing compared to a new credit card offer that Goron Hageman got in the mail.

This card comes with an interest rate of not 30 percent or even 40 percent. The Mastercard offer from Premium Bank comes with a 79.9 percent interest rate!

"My first thought was it was a mistake, so I called the 800 number on the back of the offer and gave them the offer code and verified my information and sure enough, they verified it at 79.9 percent," Hageman says.

More: http://www.wkyc.com/news/world/news_article.aspx?storyid=123814&catid=22

[MNDemNY]

1. "Guido" will front you for 50%.

[KamaAina]

10. I've always been loyal to Frenchy, myself

:eyes:

[JimWis]

13. Hey, you sort of stole what I was going to say. Sounds like

loan sharking. I have a friend who works at one of those payroll loan - cash to go places. She works in collections. I always call her "Guido".

[Terry in Austin]

16. Hang on to your kneecaps! -nt

[virgogal]

2. This has got to be a joke,right? Right?

[Horse with no Name]

3. Glad to see OUR money

wasn't used to fuck over people...oh wait...

[damntexdem]

4. Why that? Why not just round off at 100%?

Well, I guess that's where they'll change it in a couple of months, anyway.

Can you say "usury"?

[Sabriel]

5. I didn't realize "Cash Express" offered credit cards

Oh, it's Mastercard?

[RoccoR5955]

6. And if you don't pay it back on time, they send someone over

to your house with a baseball bat, and go to work on your knees.

[DJ13]

7. See, Congress was right not to institute usury laws capping interest

How could they deprive their credit starved constituents the opportunity to willingly pay 79.9% interest?

Oh, and dont forget, Premier has the nerve to charge a yearly fee for the privilege of getting screwed too.

[notesdev]

18. We used to have usury laws

http://www.affil.org/consumer_rsc/usury.php

Note the time when the wheels came off... same time as the income tax and Federal Reserve Act.

This was all planned.

[rhett o rick]

8. The mob was persecuted for that. But the bankers get away with it. nt

[MNDemNY]

11. prosecuted.

I hope.

[rhett o rick]

14. I admit I am pushing it, but the mob was under constant attack by the law for some of the

same things banks and loan companies are doing today.

[MNDemNY]

15. true.

[the blues]

9. Heinous

[SeattleGirl]

12. I've gotten several offers for that extremely high interest rate card.

I had to do bankruptcy, primarily because of -- you guessed it -- medical debt. I had insurance and still got fucked over by med bills.

Anyway, to the point -- I've received several offers for this type of card, and I put them into the shredder right away.

I've received others that offered a much lower interest rate, BUT the card limit was $500, and with the "activatin fees", annual fees, these fees and those fees, etc., the moment I activated the card, I would immediately owe close to $500 without having bought a single thing. Those also go right into the shredder.

Bunch of crap is what they are.

[PinkOwl]

19. This same bank (First Premier) had to pay millions in a lawsuit in 2007

"The bank has agreed to settle Attorney General Andrew Cuomo’s lawsuit to the tune of $4.5 million, plus $105,000 in penalties and costs."

I think they didn't even note the fees in the fine-print back then, or something. See link
http://www.tortdeform.com/archives/2007/08/first_premier_bank_settles_dec.html

[Deja Q]

17. usury, eh?

[aint_no_life_nowhere]

20. Are we approaching the stage where we'll be eating each other

instead of creating anything? It seems like more and more of our economy is being devoted to moving capital around, from one pocket to another, with parasites taking their cut at each transaction, while the value of the dollar keeps diminishing.

[Liberal In Texas]

21. Ain't unregulated free enterprise wonderful?

Now that Libertarianism.

[marmar]

22. A country that allows this to happen to its citizens is a country in need of a revolution.

nt

[MercutioATC]

23. Simple solution:

Don't apply for the damn card.

[Jkid]

24. That's financial rape of the highest order.

Seriously.