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First Premier Bank credit card with 79.9 percent interest rate?!

Holy cow, did anyone else read this article on yahoo? I am in total amazement!

 
ronjwake

Asked by ronjwake at 12:47 AM on Dec. 18, 2009 in Politics & Current Events

Level 7 (175 Credits)
This question is closed.
Answers (10)
  • This is the same company that has offered people cards and then as soon as you get your card it is at the limit and you instantly owe these people $250-300 for NOTHING. I am amazed that people actually fall for it. I realize having bad credit means it is hard to get a credit card but if your that bad off you dont need it, Debit cards work like credit cards in that if you need the visa or master card logo to reserve flights or make purchases you can do it.

    It is really sad to me that they have actual customers, can you imagine paying someone all that money for nothing? As soon as regulations are put in place they pull a stunt like this which defeats the purpose of the regulations. And people wonder how we got in over our heads.
    3_ring_circus_

    Answer by 3_ring_circus_ at 12:59 AM on Dec. 18, 2009

  • Debit cards work like credit cards in that if you need the visa or master card logo to reserve flights or make purchases you can do it.


    yeah, but you wont be able to rent a car, there are a couple of companies that will let you use the debit but you have to let them hold $400 from your bank account until you bring the car back, if youre strapped for cash, then thats not a good thing. and if you need to establish credit, the debit wont do it for you.
    Anonymous

    Answer by Anonymous at 1:06 AM on Dec. 18, 2009

  • And thats why I refuse to have a major credit card. I use my debt card and anything that I feel the need to put on credit has to wait till we save up for it to pay in cash.
    Anonymous

    Answer by Anonymous at 1:08 AM on Dec. 18, 2009

  • Credit card companies put loan sharks to shame.
    Carpy

    Answer by Carpy at 4:28 AM on Dec. 18, 2009

  • Nuts..Never have owned even one credit card in my life and no plans to..most of my purchases are done in cash
    tnmomofive

    Answer by tnmomofive at 6:33 AM on Dec. 18, 2009

  • I thought Loan Sharking was illegal.

    sweet-a-kins

    Answer by sweet-a-kins at 8:39 AM on Dec. 18, 2009

  • Well consumers should simply not get the card. They are doing this because of the regulations put in place. More companies will raise rates because they are business' and want to make money. People are not forced to get credit cards they chose to get them. They are not forced to use they they chose to use them. Credit cards companies are not the devil people's inability to be responsible is.
    Anonymous

    Answer by Anonymous at 9:39 AM on Dec. 18, 2009

  • When I was 20 I got 2 First Premier Credit cards. I still have them, they have a 0 balance, but they helped improve my credit by a LOT. Considering I paid less than $500 to improve my credit I don't think it's that bad. I didn't the cards because I wanted credit, I got them to improve my own credit which it did. I was well aware of all the fees, terms, interest, etc. when I got the cards. I bothered to read the TOS.
    mommy_lisa25

    Answer by mommy_lisa25 at 10:20 AM on Dec. 18, 2009

  • Oh, and my interest rate is 9% on both cards. I found what you were talking about on yahoo, but there's no actual article, it's just someone investigating them. They say that the interest rate offered is 79.9%, but offer no proof...
    mommy_lisa25

    Answer by mommy_lisa25 at 10:41 AM on Dec. 18, 2009

  • Oh the 79.9% is VERY real a relative of mine got one and at first they send you a pre-approved offer with 9.9% then they "review" your credit and send you a card with a different terms of agreement with a 79.9% and a $250 limit with $179 in fees billed to it already and only an available balance of $71. I'm going to hook up my scanner and scan the offers and terms and agreement later and post it on here later.
    viridian

    Answer by viridian at 12:07 PM on Dec. 18, 2009