First Premier Bank: Shove your 79.9% APR Credit Card.
I know this economy ain't the greatest, but pushing 79.9% interest rates? Come on now, that's just f*cked up. Would YOU sign up to such an asinine credit card? Would you hand one out to your kids or own mother? I doubt it. Whether people are falling for it or not, you can't feel good taking advantage of people like that. I'll send some prayers your way, you're gonna need 'em...
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Thanks for the tip James....unbelievable indeed.
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Thanks for the tip James....unbelievable indeed.
Labels: banking, cockamamy indeed, crazy economy, credit cards
posted by J. Money at
12:33 PM
17 Comments:
Saw this on Twitter, too. Unbelievable!!! I can't believe these companies have the nerve to send out "offers" like this.
Wow, J! I thought that you were pulling our leg until I followed the link. Wow! That is unbelievable!
Hmmmmm....that guys last name is one letter off of mine. You think they will send me an offer with 99.99% interest? One can only hope......
Seriously?! Wow.... Isn't the credit act supposed to do something about that kind of stuff?
It's funny, everyone I've talked to today has that exact same reaction: WOW. But I mean seriously?! Who the hell would be okay with that? I'd rather take out a payday loan than accept that offer (and that's saying something). They just bent themselves over on that one...
@Shakela87 - they mention some regulations in that article, but who knows.
They can't legally charge that, can they?
John DeFlumeri Jr
Can always Pay in full... $75 annual fee is worse than the apr given they give $300 max limits to start. Thats 25% per year if you don't use it at all
Ridiculous indeed! But you know that some sucka foo will sign the dotted line and take it!
Gotta love Capitalism!!!
A 79.9% APR on a $300 credit limit card, who cares, what is it like $15 a month? File for bankruptcy and your still able to get a credit card, sounds like a decent deal to me. Lets hammer on people that rack up their bills, file for bankruptcy and can still improve their credit right away. Pay your bills and you won't have to get this credit card. If your bad driver your car insurance is higher isn't it? It'a all about the risk of the person wanting the card. Lets wait for the credit card act to go through and then lets see the people complain that a company will no longer give them a credit card and how can I rebuild my credit.
I'm not denying the personal responsibility part of it all, of course that's always the best route. It's the fact that this company is clearly taking advantage and preying on people. Legally & morally I just don't see how anyone can justify it.
What they are doing is completely legal within the laws of the state of SD. This rate can then be "exported" to other states legally.
As it relates to the new credit card act, this will still be legal. In fact, the adoption of the credit card act is what is causing this kind of high APR card to hit the market. I know it sounds backwards. But, the credit card act prohibits the bank from charging the up-front fees they once charged. Since they can't do that, they are opting for another method. Enter the ultra-high APR card.
It's not pretty. But it is legal.
I hear ya - just don't like it ;)
WELL ITS LIKE THIS, IT SOUNDS HI BUT THE DIFFERNECE BETWEEN A 19.9 % CARD AND THE 79.9% PER $100 IS LESS THAN $5.50, SO IT NOT REALLY THAT BAD. PLUS THIS CARD IS TO HELP YOU REESTABLISH CREDIT, PAY OFF YOUR MONTHLY CHARGES EACH MONTH IN YOUR 25 DAY GRACE PERIOD (AS YOU SHOULD BE ANYWAY) ANY IT WON'T COST YOU ANYTHING PLUS YOU WILL BE REBUILDING YOUR CREDIT AT THE SAME TIME. PREMIER IS A GREAT COMPANY THAT IS BEING PUSHED TO CHANGE THE RATES TO STILL BE ABLE TO RECOUP LOST MONEY WHEN THE IDIOTS THAT DON'T PAY THEIR CREDIT CARDS AFTER THEY MAXED THEM OUT AND THANK CONGRESS FOR THIS. BY THE WAY PREMIER HAS OVER 3.7 MILLION PLUS CUSTOMERS NATION WIDE, HAWAII AND GUAM INCLUDED, THAT MUST SAY SOMETHING RIGHT, SO BLAME CONGRESS NOT PREMIER. I HAVE HAD THIS CARD TWICE, ONCE FOR A MEDICAL DISASTER THAT RUINED MY CREDIT AND THE SECOND TIME FOR A BAD DIVORCE, BROUGHT MY SCORE UP TO ABOVE 690 AND NOW SINCE MY SUDDEN ILLNESS AND LOSSES AGAIN I SIGNED UP TODAY FOR THE 79.9% CARD SO THEY AGAIN CAN HELP ME REESTABLISH MY CREDIT, SO WAKE UP, THE REAL VILLIAN IS THE GOVT!!!
YIKES THAT'S A LOT OF YELLING. If you are, indeed, a real person with these troubles (and not associated with First Premier) then great - I'm glad you found a card that works for you :) And I'm also glad you're smart enough to pay it of in full to avoid any charges. But whether the Gov't is to blame or Wall street, or even Santa Claus, I still don't agree w/ the rates or the business behind it. Luckily we're all allowed to have our own opinions though.
Lauralie posted a similar statement on another website. I DO NOT CARE WHAT ONE'S CREDIT SCORE IS, 1ST PREMIER IS AWEFUL! The only reason I ever had a 1st Premier Card is because someone else, in a different state, who supplied phone numbers and addresses that I have never had before, was able to open a card in my name. Only when the thief stopped paying the bill did 1st Premier actually verify my real address and phone number (I assume from my credit report). That is when the phonecalls and collection letters began. Unfortunately it wasn't just for a $300 limit, it was for $3000, which turned to $5000 after all fees and penalties were applied. Two police reports and countless letters, phonecalls and faxes later, I am still dealing with this! My credit score has suffered from this..and only this (was a 720, now 692)! The most infurating thing is that I just received an email offer yesterday from 1st Premier for pre approved credit! They will not even speak to me on the phone, but are sending me offers! WHAT???
Holy crap, that is not fun :( At least you're staying on top of it and filing all the papers you need to! It's gotta be just a matter of time until you get it all worked out.
Appreciate you stopping by and leaving this - it's something good for others to keep in mind before jumping into something they may not be able to get out of.
Lauralie, I think your math is a bit off. $100 financed at 19.9% over 1 year is $19.90. At 79.9%, it is $79.90. That is a difference of $60.00 or $5.00 per month. I realize this assumes no principal paydown. But, the math still works.
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